- A recent study by GoBankingRates found that in 31 cities, residents can save hundreds of dollars a month by paying a mortgage instead of paying rent.
- The study calculated the average cost of a mortgage in each city and compared it to the average rent in each city.
- According to Zumper , in September 2019, the median national rent for a 1-bedroom was $1,250.
- Visit Business Insider's homepage for more stories .
31 US cities where it's cheaper to buy a house than to rent a place
Associated Press
In some US cities, it's cheaper to own a home than to rent a place.
Rents across the country keep going up. According to Zumper , in September 2019, the median national rent for a 1-bedroom was $1,250.
A recent study by GoBankingRates , a personal finance platform, found that in 31 cities, residents can save hundreds of dollars a month by paying a mortgage instead of paying rent.
The study calculated the average cost of a mortgage in each city and compared it to the average rent in the same city. To gather the average mortgage in each city, GoBankingRates factored in each city's median listing price, local property taxes, a 20% down payment, home insurance, and a 30-year fixed-rate loan, using data accurate as of July 10, 2019.
The study looked at the 85 largest US cities and found that, in 31 of them, the average monthly mortgage is cheaper than the average monthly rent sometimes by hundreds of dollars.
Keep reading to see the full list, ranked from the city where buying saves you the least each month when compared with renting to where it saves you the most.
See Also:
- The priciest neighborhood in Los Angeles is now the most expensive place for renters to live outside Manhattan
- Ken Griffin just picked up 2 more condos in the Billionaires' Row tower where he dropped a record-breaking $238 million earlier this year. Here are the other big-name buyers in the building.
- Multibillionaire Ken Griffin just dropped another $4 million on 2 more units in the same building where he shattered the US real-estate record with a $238 million purchase in January
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