Americans’ homeownership rate is 65.3%, according to the latest U.S. Census data. Owning a home is a big part of the American dream. With it comes with a sense of accomplishment, security and pride.
It also comes with responsibility for maintaining the home, paying property taxes, carrying insurance, paying utilities and keeping up with community commitments such as paying association fees. These costs add up quickly, so it’s important to weigh the advantages and disadvantages before you buy.
LendingTree, the online loan marketplace, recently compared rents with mortgage payments in the 50 largest U.S. metros and concluded “renting is cheaper than owning in each of the nation’s 50 largest metros” if you’re still paying off your mortgage.
Following are the metros where renting is cheaper by more than $700 a month, beginning with cities with a smaller advantage for renters.