Where buying a home beats renting in savings (and vice versa)

Buying a home is one of the most important financial decisions a person will make. While there are many different factors that go into the decision of whether to rent or buy when you relocate, this data could be helpful in the process of making that decision. As we move into 2019, some experts are predicting the market to become more balanced which likely means price increases would slow, if not halt. On top of that, mortgage rates will be something to keep an eye on and could have a huge impact.

Cheaper to own? Lending Tree looked at the 50 largest cities in the U.S. and came up with the 10 metros where renting a home is actually more expensive than buying a home:

1. Miami, FL (+$262)
2. Orlando, FL (+$227)
3. Virginia Beach, VA (+$155)
4. Tampa, FL (+$120)
5. Denver, CO (+$110)
6. Las Vegas, NV (+$96)
7. Washington, D.C. (+$92)
8. Jacksonville, FL (+$91)
9. Riverside, CA (+$89)
10. Charlotte, NC (+$84)

You'll notice that four of the cities in the top 10 are in Florida. A recent Harvard University study found that too few rental units and low wages have been driving up Florida’s rental affordability crisis and, making it among the toughest in the nation.

Cheaper to rent? Then, looking at the other end of the spectrum, here are the top 10 metros where the average median rent is less than the average median mortgage:

1. Louisville, KY (-$329)
2. Milwaukee, WI (-301)
3. Oklahoma City, OK (-$300)
4. Boston, MA (-$284)
5. San Francisco, CA (-$275)
6. NYC, NY (-$249)
7. Providence, R.I. (-$226)
8. Philadelphia, PA (-$207)
9. Raleigh, NC (-$183)
10. Chicago, IL (-$182)