30 metro areas where it’s cheaper to rent than buy

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Finding a place to live can be challenging — and so can choosing between renting or buying a home. Each option has its advantages and disadvantages. Renting can be the best option if a person is not planning on staying in one area for a very long time or does not have enough cash for a down payment. But buying a home can be a good long-term investment.

In any case, the cost is one of the biggest factors that people consider when they are choosing between renting and owning. In order to take a closer look at how the cost of renting a home differs from the price of owning one, LendingTree, the nation’s leading online loan marketplace, compared monthly rental and monthly mortgage payments for homes in the 50 largest metropolitan areas in the United States. 

Check out the top 30 cities where it’s cheaper to rent than buy a home.

Image Credit: Depositphotos.

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30. Portland, Oregon

Median monthly rent payment: $1,285
Median monthly mortgage payment: $1,290

Difference between median monthly rent and median monthly mortgage payment: -$6

Image Credit: DepositPhotos.com.

29. Indianapolis

Median monthly rent payment: $950
Median monthly mortgage payment: $969

Difference between median monthly rent and median monthly mortgage payment: -$20

Image Credit: f11photo.

28. Buffalo, New York

Median monthly rent payment: $794
Median monthly mortgage payment: $815

Difference between median monthly rent and median monthly mortgage payment: -$21

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27. New Orleans

Median monthly rent payment: $1,084
Median monthly mortgage payment: $1,105

Difference between median monthly rent and median monthly mortgage payment: -$21

Image Credit: DepositPhotos.com.

26. St. Louis

Median monthly rent payment: $952
Median monthly mortgage payment: $973

Difference between median monthly rent and median monthly mortgage payment: -22

Image Credit: DepositPhotos.com.

25. Minneapolis

Median monthly rent payment: $1,201
Median monthly mortgage payment: $1,237

Difference between median monthly rent and median monthly mortgage payment: -$36

Image Credit: DepositPhotos.com.

24. Cleveland

Median monthly rent payment: $831
Median monthly mortgage payment: $873

Difference between median monthly rent and median monthly mortgage payment: -$42

Image Credit: Ron_Thomas/istockphoto.

23. Hartford, Connecticut

Median monthly rent payment: $1,148
Median monthly mortgage payment: $1,218

Difference between median monthly rent and median monthly mortgage payment: -$70

Image Credit: DepositPhotos.com.

22. Kansas City, Missouri

Median monthly rent payment: $974
Median monthly mortgage payment: $1,050

Difference between median monthly rent and median monthly mortgage payment: -$76

Image Credit: TriggerPhoto/istockphoto.

21. San Jose, California

Median monthly rent payment: $2,162
Median monthly mortgage payment: $2,250

Difference between median monthly rent and median monthly mortgage payment: -$88

Image Credit: SpVVK/istockphoto.

20. Pittsburgh

Median monthly rent payment: $858
Median monthly mortgage payment: $948

Difference between median monthly rent and median monthly mortgage payment: -$90

Image Credit: HaizhanZheng/istockphoto.

19. Los Angeles

Median monthly rent payment: $1,639
Median monthly mortgage payment: $1,730

Difference between median monthly rent and median monthly mortgage payment: -$91

Image Credit: DepositPhotos.com.

18. San Diego

Median monthly rent payment: $1,746
Median monthly mortgage payment: $1,842

Difference between median monthly rent and median monthly mortgage payment: -$96

Image Credit: Art Wager/istockphoto.

17. Cincinnati

Median monthly rent payment: $883
Median monthly mortgage payment: $998

Difference between median monthly rent and median monthly mortgage payment: -$115

Image Credit: aceshot / iStock.

16. Columbus, Ohio

Median monthly rent payment: $947
Median monthly mortgage payment: $1,068

Difference between median monthly rent and median monthly mortgage payment: -$121

Image Credit: DepositPhotos.com.

15. Seattle

Median monthly rent payment: $1,501
Median monthly mortgage payment: $1,635

Difference between median monthly rent and median monthly mortgage payment: -$135

Image Credit: Credit: aiisha5 / iStock.

14. Nashville, Tennessee

Median monthly rent payment: $1,073
Median monthly mortgage payment: $1,217

Difference between median monthly rent and median monthly mortgage payment: -$143

Image Credit: Getty.

13. Baltimore

Median monthly rent payment: $1,325
Median monthly mortgage payment: $1,483

Difference between median monthly rent and median monthly mortgage payment: -$158

Image Credit: f11photo/shutterstock.

12. Sacramento, California

Median monthly rent payment: $1,342
Median monthly mortgage payment: $1,517

Difference between median monthly rent and median monthly mortgage payment: -$175

Image Credit: DepositPhotos.com.

11. Detroit

Median monthly rent payment: $945
Median monthly mortgage payment: $1,123

Difference between median monthly rent and median monthly mortgage payment: $178

Image Credit: Getty.

10. Chicago

Median monthly rent payment: $1,180
Median monthly mortgage payment: $1,362

Difference between median monthly rent and median monthly mortgage payment: -$182

Image Credit: DepositPhotos.com.

9. Raleigh, North Carolina

Median monthly rent payment: $1,200
Median monthly mortgage payment: $1,383

Difference between median monthly rent and median monthly mortgage payment: -$183

Image Credit: Sean Pavone / iStock.

8. Philadelphia

Median monthly rent payment: $1,159
Median monthly mortgage payment: $1,367

Difference between median monthly rent and median monthly mortgage payment: -$207

Image Credit: DepositPhotos.com.

7. Providence, Rhode Island

Median monthly rent payment: $1,016
Median monthly mortgage payment: $1,242

Difference between median monthly rent and median monthly mortgage payment: -$226

Image Credit: Sean Pavone/shutterstock.

6. New York

Median monthly rent payment: $1,489
Median monthly mortgage payment: $1,738

Difference between median monthly rent and median monthly mortgage payment: -$249

Image Credit: Eloi_Omella.

5. San Francisco

Median monthly rent payment: $1,856
Median monthly mortgage payment: $2,130

Difference between median monthly rent and median monthly mortgage payment: -$275

Image Credit: EarthScapeImageGraphy/istockphoto.

4. Boston

Median monthly rent payment: $1,417
Median monthly mortgage payment: $1,700

Difference between median monthly rent and median monthly mortgage payment: -$284

Image Credit: DepositPhotos.com.

3. Oklahoma City

Median monthly rent payment: $900
Median monthly mortgage payment: $1,200

Difference between median monthly rent and median monthly mortgage payment: -$300

Image Credit: DepositPhotos.com.

2. Milwaukee

Median monthly rent payment: $925
Median monthly mortgage payment: $1,225

Difference between median monthly rent and median monthly mortgage payment: -$301

Image Credit: Davel5957/istockphoto.

1. Louisville, Kentucky

Median monthly rent payment: $866
Median monthly mortgage payment: $1,195

Difference between median monthly rent and median monthly mortgage payment: -$329

This article originally appeared on LendingTree.com and was syndicated by MediaFeed.org.

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