27 Cities Where Renting for 5 Years Costs More Than a Down Payment

Many Americans who rent do so because they can’t afford a down payment on a home. When you rent, however, that money is gone for good, while when you put that money toward a down payment, you’re investing in an asset that adds to your net worth.

The money Americans put towards rent really adds up over time, and in many major cities, five years worth of rent is enough for a 20% down payment on a median-priced home.

To find the cities where the total rent paid over five years is more than the cost of a down payment, Zoocasa calculated the total rent spent over five years in 43 cities from 2020 to 2025 using Rent.com’s average prices, and then compared that amount to the cost of a 20% down payment on a median-priced single-family home in each respective city, using data from the National Association of Realtors.

Based on this analysis, these are the cities where renting for five years costs more than a down payment.

• 20% down payment: $44,380
• Total rent paid over five years: $66,864

• 20% down payment: $45,080
• Total rent paid over five years: $80,574

• 20% down payment: $53,460
• Total rent paid over five years: $67,950

• 20% down payment: $54,060
• Total rent paid over five years: $65,526

• 20% down payment: $54,140
• Total rent paid over five years: $75,556

• 20% down payment: $55,680
• Total rent paid over five years: $60,066

• 20% down payment: $55,840
• Total rent paid over five years: $62,088

• 20% down payment: $59,260
• Total rent paid over five years: $65,244

• 20% down payment: $63,620
• Total rent paid over five years: $69,168

• 20% down payment: $65,340
• Total rent paid over five years: $71,280

• 20% down payment: $71,140
• Total rent paid over five years: $79,746

• 20% down payment: $73,920
• Total rent paid over five years: $88,788

• 20% down payment: $74,940
• Total rent paid over five years: $86,556

• 20% down payment: $75,300
• Total rent paid over five years: $103,080

• 20% down payment: $76,500
• Total rent paid over five years: $84,708

• 20% down payment: $77,220
• Total rent paid over five years: $87,960

• 20% down payment: $81,200
• Total rent paid over five years: $99,486

• 20% down payment: $81,400
• Total rent paid over five years: $84,294

• 20% down payment: $81,860
• Total rent paid over five years: $82,464

• 20% down payment: $82,320
• Total rent paid over five years: $87,780

• 20% down payment: $85,120
• Total rent paid over five years: $93,756

• 20% down payment: $89,000
• Total rent paid over five years: $98,532

• 20% down payment: $99,240
• Total rent paid over five years: $105,126

• 20% down payment: $110,000
• Total rent paid over five years: $115,770

• 20% down payment: $119,500
• Total rent paid over five years: $129,252

• 20% down payment: $127,000
• Total rent paid over five years: $132,012

• 20% down payment: $141,700
• Total rent paid over five years: $159,168

Source

• Zoocasa, “US Renters, Take Note: Your Rent Might Just Equal a Down Payment”