Cities Where Becoming a Homeowner is More Affordable than Renting

Nationwide, buying a home is more expensive than renting. As of early 2026, the national median monthly mortgage payment is 20% higher than the median rent, according to a report from Construction Coverage. Still, out of the 838 largest U.S. cities, there are 95 where it is more affordable to become a homeowner.  

Where is it more expensive to rent than to buy a home?

Many of the markets where buying is the more affordable option are located in the Midwest and in the South. The top five cities identified in the report include: Detroit, Cleveland, Baltimore, Memphis, and Philadelphia.

However, in most cities, buying is the most expensive option

Renting is the more affordable option in most of the U.S. Although the affordability gap between renting and buying is the largest in San Jose; Seattle; Long Beach, Calif.; Austin, Texas; and Los Angeles.