Buying a home is more affordable than renting in four U.S. cities - and (not surprisingly) Los Angeles is not one of them!
Estimated Median Monthly Rent: $3,612Premium of Estimated Monthly Mortgage Cost to Rent: $2,842Estimated Median Monthly Mortgage Cost: $7,892Premium of Estimated Monthly Mortgage Cost to Rent: $3,771Estimated Median Monthly Mortgage Cost: $4,320Premium of Estimated Monthly Mortgage Cost to Rent: $1,329To the north up in the Bay Area, however, theThere, it's twice as expensive to buy than rent and thus home to the largest homeownership premium, according to the data.
The median estimated monthly mortgage payment for homebuyers is $1,296, compared with a median estimated monthly rent of $1,697. "Buying a home often makes more financial sense than renting if you can afford a down payment and monthly mortgage because you’re building equity. When you own your home, your home pays you; when you rent, you and your home pay your landlord," said Redfin Deputy Chief Economist Taylor Marr. "But buying isn’t a feasible option for everyone. Some people move around a lot, so renting might make more sense because they won’t be in their home long enough to build equity.
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