Renting Is Cheaper Than Owning In The 50 Largest US Metros

LendingTree’s report covers all 50 of the largest metros, and revealed that New York, San Francisco and San Jose, CA are the metros where the spread in costs between renting and owning a home with a mortgage is the widest. In those metros specifically, it is a whopping $1,200 cheaper to rent, on average, than to own a home while paying off a mortgage.

Orlando, Tampa and Indianapolis are the metros where the gap between renting and owning a home with a mortgage is the most narrow. Renters in these regions will save an average of $335 a month compared to owning a home while still paying off a mortgage.

According to LendingTree, San Jose, CA, San Francisco and San Diego are the metros where the spread in costs between renting and owning a home without a mortgage (that is, a home whose mortgage is paid in full) is the widest. Owners in these three areas can save an average of $1,223 in monthly housing costs.

Meanwhile, Providence, R.I., Hartford, Conn., and Milwaukee are the metros where the gap between renting and owning a home without a mortgage is the narrowest. In these metros, owners who have paid off their mortgage can save an average of $260 a month, according to the report.‍

For a full list of findings, explore the complete report.