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.”