Throughout the U.S., buying a home is roughly 25% more expensive than renting one, but in just four metro areas, ownership is cheaper, according to Insider. In Detroit, Philadelphia, Cleveland, and Houston, monthly mortgage costs are lower than monthly rental costs by as much as 24%.
In contrast, it’s twice as expensive to own than to rent in California cities such as San Jose, San Francisco, and Oakland.
In Detroit, the typical home is 24% less expensive to buy than rent — the largest percentage discount among the 50 most populous metros, Redfin said in a report Friday. The median mortgage payment for homebuyers there is $1,296, while the average estimated rent hovers at $1,697.
Philadelphia offers a 7% discount, and it's followed by Cleveland (4% discount) and then Houston (1% discount).
Related Stories
Multifamily
Lebron James I Promise Program Opens New Akron Housing Complex
A LeBron James-backed I Promise affordable housing complex opened its doors to 50 families in Akron, Ohio, this week
Housing Policy + Finance
Pittsburgh Urban Redevelopment Authority Increases Investment for Affordable Housing
The redevelopment authority recently advanced a $42 million bond issue to fund new affordable housing projects
Government + Policy
Home Building Professionals Call on Congress to Address Housing Issues
More than 700 home building professionals marched on Capitol Hill this week to urge Congress to address key issues impeding new affordable housing production
