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Housing markets

22 cities where renting is more expensive than owning

By NMN Staff
September 23, 2024 5:30 AM
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In some cities, owning a home can be more attainable than renting one. 

Zillow recently ranked 22 U.S. metro areas where mortgage payments are less than rent payments. New Orleans ranks at the top of the list, with the most savings for residents who can own a home, a $446 difference between monthly mortgage and monthly rent payments.

Read more about the cities where renting is more expensive than owning.

Cities where monthly mortgage payments are less than monthly rent payments

Rank Metro area Monthly savings Typical rent payment Typical mortgage payment
1 New Orleans $446 $1,652 $1,206
2 Chicago $434 $2,074 $1,640
3 Pittsburgh $321 $1,413 $1,092
4 Miami $314 $2,787 $2,473
5 Memphis $290 $1,499 $1,209
6 Cleveland $265 $1,436 $1,171
7 Detroit $213 $1,499 $1,286
8 Tampa $191 $2,106 $1,914
9 Oklahoma City $188 $1,373 $1,185
10 Houston $182 $1,735 $1,553
11 Birmingham $153 $1,418 $1,265
12 Indianapolis $152 $1,569 $1,417
13 St. Louis $139 $1,413 $1,273
14 Louisville $89 $1,395 $1,305
15 Cincinnati $81 $1,527 $1,446
16 Orlando $81 $2,089 $2,008
17 New York $72 $3,471 $3,399
18 Hartford $70 $1,916 $1,846
19 San Antonio $66 $1,505 $1,439
20 Philadelphia $24 $1,870 $1,846
21 Virginia Beach $10 $1,787 $1,777
22 Buffalo $8 $1,361 $1,354
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Buffalo ranked 22nd with a monthly savings of $8.
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Virginia Beach ranked 21st with a monthly savings of $10.
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Philadelphia ranked 20th with a monthly savings of $24.
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San Antonio ranked 19th with a monthly savings of $66.
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Hartford ranked 18th with a monthly savings of $70.
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New York ranked 17th with a monthly savings of $72.
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Orlando ranked 16th with a monthly savings of $81.
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Cincinnati ranked 15th with a monthly savings of $81.
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Louisville ranked 14th with a monthly savings of $89.
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St. Louis ranked 13th with a monthly savings of $139.
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Indianapolis ranked 12th with a monthly savings of $152.
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Birmingham ranked 11th with a monthly savings of $153.
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Houston ranked 10th with a monthly savings of $182.
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Oklahoma City ranked 9th with a monthly savings of $188.
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Tampa ranked 8th with a monthly savings of $191.
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Detroit ranked 7th with a monthly savings of $213.
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Cleveland ranked 6th with a monthly savings of $265.
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Memphis ranked 5th with a monthly savings of $290.
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Miami ranked 4th with a monthly savings of $314.
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Pittsburgh ranked 3rd with a monthly savings of $321.
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Chicago ranked 2nd with a monthly savings of $434.
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New Orleans ranked 1st with a monthly savings of $446.
NMN Staff
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