flexiblefullpage - default
Currently Reading

Despite Elevated Borrowing Costs, Buying Is Cheaper Than Renting in These Affordable U.S. Metros

billboard - default
Housing Markets

Despite Elevated Borrowing Costs, Buying Is Cheaper Than Renting in These Affordable U.S. Metros

Though renting remains the most affordable housing option in the majority of U.S. cities, a few relatively affordable destinations benefit buyers more than renters

January 30, 2023
City of Pittsburgh skyline on a sunny day
Image: Stock.adobe.com

For the past several years, priced-out prospective homebuyers have retreated into a red-hot rental market for more affordable housing alternatives, but renting isn’t cheaper than buying in all U.S. metro areas. By December 2022, the typical renter in the 50 largest U.S. metros dished out roughly $800 more per month for a starter home than for a rental home of the same size, a recent Realtor.com rental report reveals.

Elevated monthly mortgage payments mean renting is still cheaper than buying in 45 of the 50 largest U.S. metros, but in low-cost cities such as Memphis, Tenn., and Pittsburgh, homebuyers are at a greater advantage. 

In Pittsburgh, homebuyers will save about $350 compared with renting—and that’s even with the 21% year-over-year monthly cost increase for buying a home.

For less than an estimated $900 per month, a homebuyer in Pittsburgh can get a two-bedroom home in the Manchester neighborhood, which is within walking distance of the Ohio River.

Read more

Related Stories


Dakota Partners Provides Affordable Housing Through Homeless Prevention Response Fund Grant

The $1.27 million grant will be used to house formerly homeless residents at the Columbus Commons apartments in New Britain, Conn.

Housing Policy + Finance

Rent Control Policies Gain Traction—Economists Say They’re a Bad Idea

Support for rent control policies is building amid an ever-growing affordability crisis, but economists worry that if implemented, they could deter new housing development


Asking Rents Post Smallest Increase in Nearly Two Years

The median asking rent is at its lowest level in a year as persistently high housing costs quell demand, but experts say rents could soon bottom out

boombox1 -
native1 - default
halfpage2 -

More in Category

native2 - default
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.