10 Cities Where Buying Is Better than Renting for Boomers

For many baby boomers, the decision to buy or rent a home is a crucial one, influenced by financial stability, lifestyle preferences, and long-term goals. While renting has become more cost-effective in many U.S. cities due to rising mortgage rates and high home prices, there are still several metropolitan areas where buying a home is the smarter financial move. Here are ten cities where buying is better than renting for boomers.

Monthly Mortgage: $1,730Monthly Rent: $1,800Difference: -3.9%

Cleveland offers a notable advantage for buyers, with a $70 difference favoring homeownership. With 57% of properties being cheaper to buy than rent, boomers can find affordable options and enjoy long-term savings.

Monthly Mortgage: $1,869Monthly Rent: $2,000Difference: -6.6%

In Philadelphia, buying a home saves an average of $131 per month compared to renting. This significant saving can add up over the years, providing financial benefits and stability for retirees.

Monthly Mortgage: $1,296Monthly Rent: $1,697Difference: -23.6%

Detroit stands out with the highest savings, where buying is $401 cheaper than renting monthly. With 80% of properties cheaper to buy than rent, it’s an excellent market for boomers looking to maximize their savings and build equity.

Monthly Mortgage: $1,188Monthly Rent: $1,383Difference: -$195Annual Savings: $2,340

Indianapolis offers significant savings for buyers, with annual savings of $2,340 compared to renting. This city’s affordable housing market makes it an attractive option for boomers seeking financial stability.

Monthly Mortgage: $1,663Monthly Rent: $1,861Difference: -$198Annual Savings: $2,376

In Atlanta, buying a home can save you $198 per month, resulting in annual savings of $2,376. This vibrant city provides a cost-effective opportunity for boomers to settle down and enjoy their retirement.

Monthly Mortgage: $956Monthly Rent: $1,157Difference: -$201Annual Savings: $2,412

Dayton offers a great financial advantage for buyers, with a monthly savings of $201 compared to renting. Boomers can enjoy a lower cost of living while investing in property that appreciates over time.

Monthly Mortgage: $1,154Monthly Rent: $1,460Difference: -$306Annual Savings: $3,672

New Orleans provides substantial savings for homebuyers, with an annual savings of $3,672 over renting. The city’s rich culture and affordable housing make it an appealing choice for retirees.

Monthly Mortgage: $973Monthly Rent: $1,281Difference: -$308Annual Savings: $3,696

In Birmingham, buying a home can save you $308 per month compared to renting. The city’s affordable home prices and low cost of living make it an ideal place for boomers to invest in real estate.

Monthly Mortgage: $953Monthly Rent: $1,265Difference: -$312Annual Savings: $3,744

Oklahoma City offers significant savings for homebuyers, with a monthly difference of $312. The city’s affordable housing market provides an excellent opportunity for boomers to secure their financial future and enjoy a comfortable retirement.

Monthly Mortgage: $1,068Monthly Rent: $1,299Difference: -$231Annual Savings: $2,772

Pittsburgh offers a monthly savings of $231 for homebuyers compared to renters. With an annual savings of $2,772, boomers can benefit from the city’s affordable housing market while enjoying its vibrant cultural scene and high quality of life.

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.