Mortgage rates are above 6% and home prices haven’t dropped meaningfully in most markets. Yet buying a home is now cheaper than renting in 23 of the 50 largest U.S. metros — on a monthly basis when all ownership costs are factored in.
That’s the finding from a 2026 analysis comparing all-in homeownership costs — mortgage, insurance, taxes, and maintenance — against local median rents. In cities like Detroit, Cleveland, Pittsburgh, Memphis, and several markets in Texas and the Midwest, the monthly cost of owning a median-priced home has fallen below what tenants pay for comparable space.
In the other 27 major metros — including New York, San Francisco, Seattle, and Miami — renting still costs less on a monthly basis. The answer to buy or rent depends almost entirely on which side of this list your city lands on.
The markets where buying wins share a pattern: lower home prices relative to income and rents that have climbed faster than purchase prices over the past three years. In these cities, a 30-year mortgage on a median-priced home produces a monthly payment that competes with — or beats — local rent for comparable square footage.
Detroit, Cleveland, Pittsburgh, and Memphis consistently rank as markets where buying is cheaper than renting even at current mortgage rates. Smaller metros in Ohio, Indiana, Mississippi, and Arkansas also appear on most market-by-market comparisons. These aren’t glamorous markets, but for buyers focused on financial return, the math works.
In 27 of the 50 largest metros, monthly rent is still lower than all-in ownership costs. High-cost coastal cities — New York, San Francisco, Los Angeles, Seattle, Boston — have price-to-rent ratios that are difficult to overcome on a monthly-payment comparison, especially with rates above 6%.
Even in buy-favorable markets, the breakeven horizon matters. In most U.S. markets, you need to stay in a home for at least five to seven years for buying to outperform renting financially. In expensive coastal markets, that breakeven can stretch past a decade. If you’re not confident you’ll stay put for five years, renting is the financially safer call regardless of the monthly math.
The down payment. 56% of Americans say they can’t afford a down payment or current mortgage costs. Buying being cheaper per month doesn’t help if you can’t clear the upfront cost. Down payment assistance programs exist in most states — the National Council of State Housing Agencies directory lists programs by state.
Rent vs. buy calculators from Bankrate, NerdWallet, and The New York Times all let you input your local market data. Use your actual target home price, current mortgage rate for your credit score, and estimated local property taxes and insurance to get an honest comparison.