10 Cities Where It’s Cheaper To Buy Than Rent

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April 20, 2017

People moving to a mid-size city in the Midwest or South should probably consider buying a house instead of renting one.

CNBC found 10 cities where it’s cheaper to buy than rent, based on research from SmartAsset. The calculations factored in average home and rent prices for the 100 largest metros, and it assumed an annual household income of $100,000, a 4.5 percent mortgage rate, closing costs of $2,000, and a 20 percent down payment.

Little Rock, Ark., ranked first. It only takes homeowners a little more than one year to break even. The average home is $196,120 and the average mortgage payment is $496. The average rent, though, is $1,146. Other buyer-friendly cities included Cincinnati, Tulsa, Okla., New Orleans, and Omaha, Neb.

The cities that made the cut can be found exclusively in the South and Midwest, which is unsurprising considering that those regions typically rank among the least expensive places to live in the country.

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