In 22 major U.S. metros, buying a home is now cheaper than renting, thanks to lower mortgage rates and slowing home price growth.
According to a new Zillow analysis, the average mortgage payment is $1,827, while rent is around $2,063—a $236 monthly savings for new homeowners!
Here are the top 3 cities where homebuyers save the most:
• New Orleans: Save $450/month
• Chicago: Save $434/month
• Pittsburgh: Rent is $323 more than the average mortgage!
Beyond savings, owning a home often means more space and the freedom that renting can’t offer.
Zillow’s numbers are based on 20% down payments (taxes and insurance not included).
Other cities with savings include:
Miami ($314)
Memphis ($290)
Cleveland ($265)
Detroit ($213)
Tampa ($191)
OKC ($188)
Houston ($182).
Owning just makes sense right now! Talk to one of the best Englewood, FL realtors for advice. 🏡
