The gap between buying and renting in the US

Renters in the Florida cities of Orlando and Tampa, as well as Indianapolis in Indiana only save $335 a month compared to owners with a mortgage – highlighting that it often makes sense to own rather than buy if you’ve got the cash in these areas.

In Orlando monthly mortgage costs stand at $1,458, compared to $1,115 for renters.

In contrast in New York, San Francisco and San Jose, California, there’s a big gulf between owners and renters, as it’s around $1,200 cheaper to rent per month.

Indeed, in New York you can rent for a typical monthly cost of $1,439, compared to paying a mortgage of $2,802 per month.

The research into the gap between renting and owning with a mortgage was conducted by LendingTree, an online marketplace in the US.

Its commentary on the research said: “Finding a place to live can be challenging, and so can choosing between renting or buying a home.

“Renting might be the best option for someone who doesn’t plan on staying in one area long term or is having trouble saving for a down payment. On the other hand, buying a home can be a valuable long-term investment.

“In either case, cost is one of the biggest factors that people consider when choosing between buying and renting.”

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