The average monthly mortgage costs 25 percent more on average than renting across the nation’s 50 most populous cities with just four exceptions: Detroit, Philadelphia, Cleveland and Houston. Of these cities, in Detroit it costs 24 percent less to buy than rent—the most significant differential where the median mortgage is $1,296 and average rents fall at around $1,697 according to a recent analysis by Redfin.
Comparatively, in Philadelphia it’s cheaper to buy than rent by 7 percent, followed by Cleveland (where it costs 4 percent less to buy over rent) and Houston (where it costs 1 percent less to buy over rent).
A multi-generational housing shortage, onerous regulations and a decimated middle class have made California the tops in the nation for renting having a cost advantage. It is double the cost to own than to rent in the state’s major metros of San Jose, San Francisco, Sacramento, Anaheim and Oakland. And the housing shortage—particularly in California—shows no relief in sight.
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