<br><div><aside class="gnt_em gnt_em__fp gnt_em_vp__tp gnt_em__el" aria-label="Video - How to decide between renting or buying a home"/><p class="gnt_ar_b_p">If you live in the big city, it’s officially <a target="_blank" href="http://www.usatoday.com/story/money/2024/01/19/renting-home-more-affordable/72274750007/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">better to rent than buy</a> a home pretty much anywhere, according to financial products comparison site Bankrate.</p><p class="gnt_ar_b_p">The monthly cost of renting across all 50 of the largest metro statistical areas (MSA) is 37% cheaper than buying a typical home, <a target="_blank" href="https://www.bankrate.com/real-estate/rent-vs-buy-affordability-study/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">Bankrate said</a>. As of February, the typical monthly mortgage payment of a median-priced home in the U.S. was $2,703, while the typical monthly rent nationally was $1,979.</p><p class="gnt_ar_b_p">With such a large gap between what it takes to buy versus renting a home, Americans who are already <a target="_blank" href="http://www.usatoday.com/story/money/2024/03/10/credit-card-debt-swamps-savings/72894537007/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">financially stretched</a> should feel confident they're making the right choice to rent right now, said Bankrate Analyst Alex Gailey.</p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">“For those weighing whether they should rent or buy right now, all signs point to renting as the most cost-effective option in most major U.S. cities,” Gailey said.</p><h2 class="gnt_ar_b_mt">Where are the biggest gaps between renting and buying?</h2><p class="gnt_ar_b_p">In 21 of the 50 largest U.S. metros, the typical monthly cost of owning is at least 50% more expensive than the typical monthly cost of renting. Four of the five top metros with the largest gap are in the West, where the <a target="_blank" href="http://www.usatoday.com/story/money/2024/01/03/what-is-cost-of-living/71838710007/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">cost of living</a> tends to be higher, Bankrate said.</p><p class="gnt_ar_b_p"><strong>Learn more:</strong> <a target="_blank" rel="noopener" data-t-l=":body nav (pl)|e|auto spike click:7|${u}" class="gnt_ar_b_a" href="https://www.usatoday.com/money/blueprint/personal-loans/best-personal-loans/">Best personal loans</a></p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><ul class="gnt_ar_b_ul"><li class="gnt_ar_b_ul_li">San Francisco-Oakland-Berkeley, California: The average monthly rent is $3,024, while the typical mortgage payment is $8,539 for a 180.7% spread.</li><li class="gnt_ar_b_ul_li">San Jose-Sunnyvale- Santa Clara, California: Monthly rent is $3,255 on average vs a mortgage payment of $8,539 for a 162.3% gap.</li><li...</li></ul></div> <style> .wrapper { text-align: center; } </style> <div class="wrapper"> <a class="button" href ="https://www.usatoday.com/story/money/personalfinance/2024/04/29/renting-better-than-buying-big-cities/73471030007/">Read more <span>➤</span></a> </div>
