Rental prices are rising so quickly across the United States that in many cities, it’s cheaper to buy a home than to rent one. 

The average asking rent has risen over 20% nationally since 2019, with a median asking price of $1,314. In many markets across the northeast, midwest, and south, homebuyers can get a better deal.

A recent study compared monthly costs between renters and homeowners for studios, 1- and 2-bedroom units. The results spotlight ten of the country’s most livable and affordable cities, including Cleveland, Baltimore, and Louisville. 

In Pittsburgh, Pennsylvania, monthly homebuying costs are $522 less than the average rental. That adds up to over $6,000 in savings per year. In Birmingham, Alabama, the monthly difference is $377, which translates to savings of over $4,000 a year. 

The cities where renting beats homeownership are mainly tech industry hubs like Austin, Seattle, and New York, where homebuying costs reach over 50% higher. 

Ultimately, the decision to rent or buy depends on your personal finances, goals, and circumstances. Beyond its monthly savings, the long-term benefits of owning a home far outweigh renting.

Owners gain home equity over time—that’s the difference between what your home is worth and what’s owed on your mortgage. Plus, they have the stability of a fixed mortgage payment rather than a lease that can change year-to-year. It’s all part of why a homeowner’s average net worth is 40 times higher than a renter's


The Landis homeownership program can help close the net worth gap by turning renters into homeowners within 2 years. Landis will buy your home for you in cash, then help you build up your finances until you can buy it back at a predetermined price. Get prequalified for free to see what your budget could be. 

Become a homeownership expert

We’ll send you the latest news, tips, and inspiration to help you on your journey.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.