20 Cities Where It’s Cheaper To Buy a Home Than Rent

20. Little Rock, Arkansas

• Rent, January 2022: $1,035
• Home value, January 2022: $186,294
• 20% down payment: $37,259
• Monthly mortgage payment after 20% down: $843
• Difference between rent and mortgage payment: $192
• Annual savings when you buy instead of rent: $2,304

19. Indianapolis, Indiana

• Rent, January 2022: $1,383
• Home value, January 2022: $253,300
• 20% down payment: $50,660
• Monthly mortgage payment after 20% down: $1,188
• Difference between rent and mortgage payment: $195
• Annual savings when you buy instead of rent: $2,340

18. Atlanta, Georgia

• Rent, January 2022: $1,861
• Home value, January 2022: $350,758
• 20% down payment: $70,152
• Monthly mortgage payment after 20% down: $1,663
• Difference between rent and mortgage payment: $198
• Annual savings when you buy instead of rent: $2,376

17. Dayton, Ohio

• Rent, January 2022: $1,157
• Home value, January 2022: $181,062
• 20% down payment: $36,212
• Monthly mortgage payment after 20% down: $956
• Difference between rent and mortgage payment: $201
• Annual savings when you buy instead of rent: $2,412

16. Allentown, Pennsylvania

• Rent, January 2022: $1,687
• Home value, January 2022: $283,534
• 20% down payment: $56,707
• Monthly mortgage payment after 20% down: $1,476
• Difference between rent and mortgage payment: $211
• Annual savings when you buy instead of rent: $2,532

15. Knoxville, Tennessee

• Rent, January 2022: $1,497
• Home value, January 2022: $282,038
• 20% down payment: $56,408
• Monthly mortgage payment after 20% down: $1,281
• Difference between rent and mortgage payment: $216
• Annual savings when you buy instead of rent: $2,592

14. Pittsburgh, Pennsylvania

• Rent, January 2022: $1,299
• Home value, January 2022: $205,112
• 20% down payment: $41,022
• Monthly mortgage payment after 20% down: $1,068
• Difference between rent and mortgage payment: $231
• Annual savings when you buy instead of rent: $2,772

13. Baton Rouge, Louisiana

• Rent, January 2022: $1,253
• Home value, January 2022: $226,177
• 20% down payment: $45,235
• Monthly mortgage payment after 20% down: $1,004
• Difference between rent and mortgage payment: $249
• Annual savings when you buy instead of rent: $2,988

12. New Orleans, Louisiana

• Rent, January 2022: $1,460
• Home value, January 2022: $259,825
• 20% down payment: $51,965
• Monthly mortgage payment after 20% down: $1,154
• Difference between rent and mortgage payment: $306
• Annual savings when you buy instead of rent: $3,672

11. Birmingham, Alabama

• Rent, January 2022: $1,281
• Home value, January 2022: $225,114
• 20% down payment: $45,023
• Monthly mortgage payment after 20% down: $973
• Difference between rent and mortgage payment: $308
• Annual savings when you buy instead of rent: $3,696

10. Oklahoma City

• Rent, January 2022: $1,265
• Home value, January 2022: $202,471
• 20% down payment: $40,494
• Monthly mortgage payment after 20% down: $953
• Difference between rent and mortgage payment: $312
• Annual savings when you buy instead of rent: $3,744

9. El Paso, Texas

• Rent, January 2022: $1,285
• Home value, January 2022: $179,893
• 20% down payment: $35,979
• Monthly mortgage payment after 20% down: $962
• Difference between rent and mortgage payment: $323
• Annual savings when you buy instead of rent: $3,876

8. Tampa

• Rent, January 2022: $1,977
• Home value, January 2022: $347,793
• 20% down payment: $69,559
• Monthly mortgage payment after 20% down: $1,646
• Difference between rent and mortgage payment: $331
• Annual savings when you buy instead of rent: $3,972

7. Tulsa, Oklahoma

• Rent, January 2022: $1,272
• Home value, January 2022: $195,585
• 20% down payment: $39,117
• Monthly mortgage payment after 20% down: $921
• Difference between rent and mortgage payment: $351
• Annual savings when you buy instead of rent: $4,212

6. Syracuse, New York

• Rent, January 2022: $1,298
• Home value, January 2022: $182,345
• 20% down payment: $36,469
• Monthly mortgage payment after 20% down: $930
• Difference between rent and mortgage payment: $368
• Annual savings when you buy instead of rent: $4,416

5. North Port/Sarasota/Bradenton

• Rent, January 2022: $2,433
• Home value, January 2022: $434,234
• 20% down payment: $86,847
• Monthly mortgage payment after 20% down: $2,055
• Difference between rent and mortgage payment: $378
• Annual savings when you buy instead of rent: $4,536

4. Greensboro, North Carolina

• Rent, January 2022: $1,389
• Home value, January 2022: $211,892
• 20% down payment: $42,378
• Monthly mortgage payment after 20% down: $989
• Difference between rent and mortgage payment: $400
• Annual savings when you buy instead of rent: $4,800

3. Columbia, South Carolina

• Rent, January 2022: $1,387
• Home value, January 2022: $214,768
• 20% down payment: $42,954
• Monthly mortgage payment after 20% down: $957
• Difference between rent and mortgage payment: $430
• Annual savings when you buy instead of rent: $5,160

2. Memphis, Tennessee

• Rent, January 2022: $1,473
• Home value, January 2022: $212,217
• 20% down payment: $42,443
• Monthly mortgage payment after 20% down: $964
• Difference between rent and mortgage payment: $509
• Annual savings when you buy instead of rent: $6,108

1. Miami, Florida

• Rent, January 2022: $2,817
• Home value, January 2022: $467,826
• 20% down payment: $93,565
• Monthly mortgage payment after 20% down: $2,214
• Difference between rent and mortgage payment: $603
• Annual savings when you buy instead of rent: $7,236

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_{Methodology: GOBankingRates looked at the 80 Metro areas with the biggest housing markets in the US according to Zillow’s Housing Data to determine in which cities you can save long-term by opting to buy rather than rent. GOBankingRates first compiled (1) the median hme value for single family residence homes in each metro, sourced from Zillow. This allowed (2) a median monthly mortgage payment estimate to be calculated through Zillow’s Mortgage Calculator, using a 20% down payment, the Federal Reserve Economic Data website’s current 30-year fixed rate mortgage interest rate, and state annual property tax rates sourced from the Tax Foundation. This was then compared to (3) the median monthly rental price for single family residences in each city according to Zillow to find (4) the difference between a median mortgage payment and median rent in each city. Cities were then ranked according to how much the median rent exceeds the median mortgage, with #1 being the city where the most money can be saved by buying over renting. All data was compiled on and up-to-date as of March 29, 2022.}