While owning a home is, sadly, out of reach for many renters across the US, there are a surprising number of cities where homeowners spend less on housing costs than those who rent.
Using US Census Bureau data from 2022, SmartAsset analyzed the monthly cost of renting and owning a home in 343 US cities with populations over 100,000 people, and ranked each city according to the difference.
Many of the cities where renters paid more than homeowners were in Arizona and Florida, including: Surprise, AZ (a difference of $368); San Tan Valley, AZ ($277); Gilbert, AZ ($146); Lehigh Acres, FL ($167); Brandon, FL ($155) and Cape Coral, FL ($107).
Homeowners in several California cities shelled out significantly more than renters each month. Owning a home in Berkeley cost almost $2,000 more than renting, while similarly large discrepancies were found in San Francisco ($1,692), Oakland ($1,557) and Glendale ($1,503).
In Elizabeth, New Jersey, people who own their homes spent more than twice as much as renters on monthly housing costs. According to the study, the city's median rent was $1,391 per month, while homeownership payments averaged at $2,896 — a $1,505 difference.
Via SmartAsset.
[Image credit: Kindel Media]
