Even as rents continue to climb across the country, renting is still cheaper than monthly payments for a purchased home in 45 of the 50 largest US cities in December, according to a report from Realtor.com. Renting costs nearly $800 less per month than buying, on average.

But there are five cities where, despite stubbornly high prices, rising mortgage rates and some of the least affordable home buying conditions in decades, it is still cheaper to buy than to rent.

Rent is still going up, but steadily slowed its pace of growth throughout 2022. The national median rent jumped 3.2% in December from a year ago, marking the eleventh month of slowing rent growth from January’s peak of 17.4% growth, according to the report, released on Thursday.

Following four months of declines, median asking rent flattened out in December at $1,712 per month. That’s down by $69 per month from the peak in July 2022, but is still $308 higher than December 2019. It also represents an increase of 21.9% from pre-pandemic levels.

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