Owning a home remains a major part of the American dream, but in many cities across the country it is an unattainable goal that costs more per month than renting, according to a new report.
While renting is often a better option for people not planning to stay in one place for very long, buying a home is widely considered a better long-term investment.
Despite that wisdom, buying a house may not be the best option for everyone. Experts at LendingTree, an online loan marketplace, ranked the top 50 U.S. cities where it's cheaper to rent than own.
The list includes a mix of big and small cities and was not confined to municipalities with a high or low cost-of-living: sprawling metropolises like New York and San Francisco made the list, as did smaller cities like Cincinnati and Louisville, Kentucky.
Louisville ranked first place for renters, with a low median rent of $866 – a whopping $329 less than the median mortgage of $1,195.
Scroll down for the full list
This map illustrates the top 10 cities where it's cheaper to rent than buy a home, according to LendingTree, an online loan marketplace
Researchers found that home size was a major factor in the cost of renting vs. owning.
'The average 2-3 bedroom home is generally cheaper to buy than to rent,' LendingTree Chief Economist Tendayi Kapfidze told DailyMail.com. 'For homes with no bedrooms - like studios or really large homes that are 4-5 bedrooms, it's cheaper to rent.'
Overall, the average median mortgage payment for a one-bedroom home is $42 cheaper than the average median rent payment. Similarly, it's about $117 cheaper, on average to buy a two-bedroom home.
However, Kapfidze said that Americans shouldn't focus too much on monthly mortgage vs. rental prices when making a decision about home ownership. Instead they should consider their lifestyle, budget and credit scores before moving forward with a purchase and use the list as a guide to inform their decision.
Milwaukee, Wisconsin came in second on the list, with a median monthly rent of $925, $301 less than the median mortgage payment of $1,225.
Oklahoma City followed, with a median rent of $900, which was $300 less than the median mortgage of $1,200.
Boston came in fourth, with a median rent of $1,417 coming in $284 below the median monthly mortgage of $1,700.
San Francisco ranked fifth-place, with a high rent of $1,856 – and an even higher $2,130 median mortgage (for a $275 difference each month).
New York City followed, with a $249 difference between renting ($1,417) and buying ($1,738).
Providence, Rhode Island ranked seventh with median rent of $1,016 providing a savings of $226 per month compared to the $1,241 monthly mortgage.
Philadelphia came in eighth place, with a median rent of $1,159 offering $207 in savings compared to a $1,367 monthly mortgage.
Raleigh, North Carolina, followed, with a $183 difference between renting ($1,200) and buying ($1,383).
Rounding out the top 10 was Chicago, with a $1,180 median rent saving an average of $182 compared to buying ($1,362).
At the other end of the spectrum, LendingTree rounded up the cities where it's cheaper to buy than rent – and Miami topped that list, with median rents of $1,477 - $262 more than the median monthly mortgage payment of $1,215.
Orlando, Florida followed, with homeowners saving an average of $227 based on the median monthly mortgage payment of $1,036 and the median monthly rent payment of $1,263.
Virginia Beach ranked third-best for people looking to buy, with a median monthly mortgage of $1,163 offering $155 in savings over the median monthly rent of $1,318.
Tampa, Florida came in fourth, with a median monthly mortgage of $1,163 offering $120 in savings over median rents of $1,192.
Denver rounds out the top five – the last city where buying a home results in savings of $100 or more. That city has a median mortgage of $1,252 cmopared to median rents of $1,362, for a $110 difference.
While buying may intuitively seem like a better deal, experts suggest weighing multiple factors before deciding whether to buy or rent, including: how long you plan to stay in your current city and whether you can afford unexpected maintenance and repairs.
It's also critical to consider how much savings and debt you have before taking on the additional burden of a mortgage – and how much flexibility you want if a new job, baby or other life-changing development comes into play.
The 30 Cities Where it's Cheaper to Rent Than Buy a Home
This chart illustrates the top 30 cities in America where it's cheaper to rent than own a home, along with the median rent and mortgage prices in each city, along with the average monthly savings
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Main photo article Owning a home remains a major part of the American dream, but in many cities across the country it is an unattainable goal that costs more per month than renting, according to a new report.
While renting is often a better option for people not planning to stay in one place for very long, buying...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves US News HienaLouca
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