Owning vs Renting in the Largest U.S. Metros

There is no definitive answer for owning vs. renting a home. There can be a financial answer as to whether it is cheaper to buy or rent. However, other considerations such as emotional, environmental, and flexibility can sometimes outweigh decisions that may not be financially justified.

In fact, when we analyzed the average rents in the Yardi Matrix database in the 20 largest U.S. metros, we found that in 18 out of the 20 metros studied, renting in suburban areas is cheaper than renting in urban areas. An average of rent prices in suburbs vs cities in the 20 metros studied shows that renters save about a month worth of rent in.

Click here to download the full Rent vs. Buy cost considerations for the 100 largest U.S. metros. HOA Fees Can Make a Big Difference in the Rent vs. Buy Decision If you are a homeowner association member, you need to factor in your HOA fee into your monthly housing costs.

A quick rent vs. buy comparison could be done using the price-to-rent ratio. Price-to-rent ratio is calculated by dividing the home value by the annual rent amount. Generally speaking, if the price-to- rent ratio is less than 20, buying might be a better option. On the other hand, if the ratio is greater than 20, renting might be better.

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Florida ($1,394 vs. $1,046) South Carolina ($1,168 vs. $819) Of the 10 states with the widest gap between renting and buying based on dollar amount, the majority are located across either the Atlantic or Pacific seaboards. The Garden State holds the title for the greatest disparity between owning and renting, at a hulking $1,135 gap.

Statistics & Studies on the Buy vs. Rent Decision. Rent vs Buy (realtor.com, Mar. 2019). lendingtree compares renting and Owning a Home in the 50 Largest Metropolitan Areas in the U.S. (LendingTree, Feb. 27, 2019) FY 2019 fair market Rent Documentation System (HUD User, 2019). First-Time Homebuyers: Should I Rent or Buy?

CHARLOTTE, N.C., Feb. 27, 2019 /PRNewswire/ — LendingTree, the nation’s leading online loan marketplace, today released its analysis of the costs of renting and owning a home in the 50 largest metros in the U.S.