Top 10 Metros Where It's Cheaper to Rent a Home Than Buy

With higher mortgage rates, it's actually cheaper to rent a home in some places.

Sign to rent a home
(Image credit: Getty Images)

With the Federal Reserve's latest move to hold interest rates steady, homebuyers might be getting some relief when it comes to mortgage rates. But new data from reveals that renters still have the upper hand when it comes to housing costs. 

Depending on your situation, there are some circumstances under which renting is better than buying, including the costs of ownership and the length of time you plan to stay in a home, and these places really demonstrate the difference.

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MetroMedian RentMonthly Buy Cost% Difference (Buy-Rent)
Austin-Round Rock-Georgetown, TX$1,670$3,946136.3%
San Francisco-Oakland-Berkeley, CA$2,906$5,859101.6%
Columbus, OH$1,222$2,458101.1%
Sacramento-Roseville-Folsom, CA$1,898$3,77999.1%
Los Angeles-Long Beach-Anaheim, CA$2,892$5,67296.1%
San Jose-Sunnyvale-Santa Clara, CA$3,367$6,58195.5%
Portland-Vancouver-Hillsboro, OR-WA$1,709$3,31493.9%
Boston-Cambridge-Newton, MA-NH$2,851$5,52693.8%
Seattle-Tacoma-Bellevue, WA$2,168$4,15691.7%
Phoenix-Mesa-Chandler, AZ$1,595$3,01589.0%

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Ben Demers
Audience Engagement Manager,

Ben Demers manages digital content and engagement at Kiplinger, informing readers through a range of personal finance articles, e-newsletters, social media, syndicated content, and videos. He is passionate about helping people lead their best lives through sound financial behavior, particularly saving money at home and avoiding scams and identity theft. Ben graduated with an M.P.S. from Georgetown University and a B.A. from Vassar College. He joined Kiplinger in May 2017.