Many factors can go into home and mortgage prices as well as rental costs in a city, sometimes driving the two on divergent paths. These may include interest rates, housing inventories, family makeups and demographics, zoning and other legal ordinances, among others. As a result, homeowners in some areas could have an advantage, while renters may hold the upper hand cost-wise in other areas.
To help residents understand how their housing budget may be affected, SmartAsset evaluated the difference in monthly costs between owning a home and renting in 343 cities.
To find the net difference in mortgage and rent costs, we compared the following variables from 343 cities with populations over 100,000 people for which data was available. All data comes from the U.S. Census Bureau's 2022 American Community Survey.
This story was produced by SmartAsset and reviewed and distributed by Stacker Media.