If you're trying to determine if renting or buying is better for you, the best option for your wallet might depend on where you live.
RELATED: Here's what homebuyers should know about new mortgage fee changes
Rent or buy?
Buying a home may offer stability, tax benefits and a chance to build wealth over time. But if you are considering monthly costs, renting is cheaper than monthly mortgage payments in 45 out of the 50 largest metropolitan areas in the United States, according to a new analysis by Clever, a real estate company.
Nationally, growth in home prices has outpaced increases in rent by nearly 70% from 2016 to 2023, with the median home price rising to $371,000 from $217,000 over that period.
During that same stretch, home prices in the 50 largest metro areas climbed 73%, while rent prices rose 45%. In 2023, renters saved an average of $872 a month compared with those making mortgage payments in the 50 largest metros, according to the report.
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