31 US cities where it’s cheaper to buy a house than to rent a place

  • A recent study by GoBankingRates found that in 31 cities, residents can save hundreds of dollars a month by paying a mortgage instead of paying rent.
  • The study calculated the average cost of a mortgage in each city and compared it to the average rent in each city.
  • According to Zumper, in September 2019, the median national rent for a 1-bedroom was $1,250.
  • Visit Business Insider’s homepage for more stories.

In some US cities, it’s cheaper to own a home than to rent a place.

Rents across the country keep going up. According to Zumper, in September 2019, the median national rent for a 1-bedroom was $1,250.

A recent study by GoBankingRates, a personal finance platform, found that in 31 cities, residents can save hundreds of dollars a month by paying a mortgage instead of paying rent.

Read more: The 25 US cities where renters are becoming homeowners the quickest

The study calculated the average cost of a mortgage in each city and compared it to the average rent in the same city. To gather the average mortgage in each city, GoBankingRates factored in each city’s median listing price, local property taxes, a 20% down payment, home insurance, and a 30-year fixed-rate loan, using data accurate as of July 10, 2019.

The study looked at the 85 largest US cities by population and found that, in 31 of them, the average monthly mortgage is cheaper than the average monthly rent – sometimes by hundreds of dollars.

Keep reading to see the full list, ranked from the city where buying saves you the least each month when compared with renting to where it saves you the most.


31. Colorado Springs, Colorado

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Shutterstock

Average monthly rent: $1,551

Average monthly mortgage payment: $1,545

Median home value: $296,100


30. Phoenix, Arizona

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Sean Pavone/Shutterstock

Average monthly rent: $1,392

Average monthly mortgage payment: $1,383

Median home value: $244,600


29. Arlington, Texas

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Shutterstock

Average monthly rent: $1,555

Average monthly mortgage payment: $1,545

Median home value: $211,200


28. Stockton, California

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Shutterstock

Average monthly rent: $1,569

Average monthly mortgage payment: $1,547

Median home value: $303,400


27. Greensboro, North Carolina

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Getty Images

Average monthly rent: $1,116

Average monthly mortgage payment: $1,080

Median home value: $147,400


26. Virginia Beach, Virginia

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Shutterstock

Average monthly rent: $1,582

Average monthly mortgage payment: $1,538

Median home value: $269,600


25. Columbus, Ohio

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Sean Pavone/Shutterstock

Average monthly rent: $1,204

Average monthly mortgage payment: $1,158

Median home value: $157,900


24. Anaheim, California

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Shutterstock

Average monthly rent: $2,817

Average monthly mortgage payment: $2,761

Median home value: $600,400


23. Mesa, Arizona

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Shutterstock

Average monthly rent: $1,417

Average monthly mortgage payment: $1,360

Median home value: $254,200


22. St. Louis, Missouri

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f11photo/Shutterstock

Average monthly rent: $932

Average monthly mortgage payment: $866

Median home value: $287,100


21. Philadelphia, Pennsylvania

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f11photo/Shutterstock

Average monthly rent: $1,260

Average monthly mortgage payment: $1,192

Median home value: $157,500


20. Albuquerque, New Mexico

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turtix/Shutterstock

Average monthly rent: $1,240

Average monthly mortgage payment: $1,171

Median home value: $204,600


19. Oklahoma City, Oklahoma

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Shutterstock

Average monthly rent: $1,084

Average monthly mortgage payment: $1,006

Median home value: $132,500


18. Sacramento, California

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Shutterstock

Average monthly rent: $1,706

Average monthly mortgage payment: $1,622

Median home value: $327,200


17. Chula Vista, California

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Shutterstock

Average monthly rent: $2,566

Average monthly mortgage payment: $2,475

Median home value: $541,600


16. Corpus Christi, Texas

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Shutterstock

Average monthly rent: $1,372

Average monthly mortgage payment: $1,277

Median home value: $147,500


15. Anchorage, Alaska

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Rocky Grimes/Shutterstock

Average monthly rent: $1,817

Average monthly mortgage payment: $1,708

Median home value: $339,000


14. Jacksonville, Florida

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Shutterstock

Average monthly rent: $1,259

Average monthly mortgage payment: $1,137

Median home value: $179,300


13. Norfolk, Virginia

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Shutterstock

Average monthly rent: $1,292

Average monthly mortgage payment: $1,142

Median home value: $190,500


12. Milwaukee, Wisconsin

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Henryk Sadura/Shutterstock

Average monthly rent: $1,051

Average monthly mortgage payment: $890

Median home value: $123,500


11. Columbia, South Carolina

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Shutterstock

Average monthly rent: $1,125

Average monthly mortgage payment: $963

Median home value: $136,900


10. Buffalo, New York

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Getty Images

Average monthly rent: $942

Average monthly mortgage payment: $776

Median home value: $86,800


9. Silver Spring, Maryland

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Shutterstock

Average monthly rent: $2,236

Average monthly mortgage payment: $2,047

Median home value: $407,600


8. Indianapolis, Indiana

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Shutterstock

Average monthly rent: $1,139

Average monthly mortgage payment: $943

Median home value: $145,800


7. Memphis, Tennessee

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Shutterstock

Average monthly rent: $855

Average monthly mortgage payment: $652

Median home value: $86,900


6. Aurora, Colorado

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Visit Aurora/Facebook

Average monthly rent: $1,910

Average monthly mortgage payment: $1,706

Median home value: $327,800


5. Toledo, Ohio

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Getty Images

Average monthly rent: $795

Average monthly mortgage payment: $583

Median home value: $71,800


4. St. Paul, Minnesota

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Tim Roberts Photography/Shutterstock

Average monthly rent: $1,494

Average monthly mortgage payment: $1,268

Median home value: $220,600


3. Santa Ana, California

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Shutterstock

Average monthly rent: $2,731

Average monthly mortgage payment: $2,484

Median home value: $552,100


2. Cleveland, Ohio

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Getty Images

Average monthly rent: $857

Average monthly mortgage payment: $579

Median home value: $58,000


1. Baltimore, Maryland

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Jon Bilous / Shutterstock.com

Average monthly rent: $1,286

Average monthly mortgage payment: $978

Median home value: $116,700