11 US housing markets where it makes more sense to buy than rent

Buying a house is a major commitment involving a lot of money.

But you have to live somewhere, and sometimes it makes more sense to buy than rent.

Realtytrac, a real estate information company, compiled data on 285 counties nationwide and analysed the economics of buying versus renting a home. They found the average cost to rent or own a 3-bedroom house and determined the percentage an average worker would have to spend from their weekly income.

The report found something surprising. “The separate Buy-or-Rent analysis released today found that making monthly house payments on a 3-bedroom property is more affordable than paying fair market rent on a 3-bedroom property in 188 of the 285 counties analysed (66 per cent),” said the company.

We screened for the counties that had populations of more than 400,000 people and where a homebuyer would save at least 10% more than renters.

Check them out below in order from least to most savings.

Cuyahoga County, OH

Downtown Cleveland, OH

Metro Area: Cleveland-Elyria-Mentor, OH

Population: 1,263,154

Median Weekly Income: $US1,050

Average Monthly Rent: $US1,092

Estimated Monthly Mortgage Payment: $US725

Per cent of median income saved from buying instead of renting: 10.45%

Source: RealtyTrac

Lucas County, OH

The Old West End District in Toledo, OH

Metro Area: Toledo, OH

Population: 436,393

Median Weekly Income: $US896

Average Monthly Rent: $US980

Estimated Monthly Mortgage Payment: $US613

Per cent of median income saved from buying instead of renting: 10.85%

Source: RealtyTrac

Volusia County, FL

Homes in the West DeLand Residential District in DeLand, FL

Metro Area: Deltona-Daytona Beach-Ormond Beach, FL

Population: 500,800

Median Weekly Income: $US729

Average Monthly Rent: $US1,306

Estimated Monthly Mortgage Payment: $US922

Per cent of median income saved from buying instead of renting: 11.32%

Source: RealtyTrac

Polk County, FL

A home in Lakeland, FL

Metro Area: Lakeland, FL

Population: 623,009

Median Weekly Income: $US777

Average Monthly Rent: $US1,214

Estimated Monthly Mortgage Payment: $US810

Per cent of median income saved from buying instead of renting: 11.52%

Source: RealtyTrac

Shelby County, TN

Homes in the Speedway Terrace neighbourhood of Memphis, TN

Metro Area: Memphis, TN-MS-AR

Population: 939,465

Median Weekly Income: $US1,041

Average Monthly Rent: $US1,219

Estimated Monthly Mortgage Payment: $US738

Per cent of median income saved from buying instead of renting: 12.79%

Source: RealtyTrac

Wayne County, MI

A street in the Indian Village neighbourhood in Detroit

Metro Area: Detroit-Warren-Livonia, MI

Population: 1,775,273

Median Weekly Income: $US1,119

Average Monthly Rent: $US1,212

Estimated Monthly Mortgage Payment: $US749

Per cent of median income saved from buying instead of renting: 14.12%

Source: RealtyTrac

Mobile County, AL

Houses along Florence Place in Mobile, AL

Metro Area: Mobile, AL

Population: 414,079

Median Weekly Income: $US897

Average Monthly Rent: $US1,111

Estimated Monthly Mortgage Payment: $US636

Per cent of median income saved from buying instead of renting: 14.13%

Source: RealtyTrac

Milwaukee County, WI

The American System-Built Homes, Burnham Street District, designed by Frank Lloyd Wright in Milwaukee, WI

Metro Area: Milwaukee-Waukesha-West Allis, WI

Population: 956,023

Median Weekly Income: $US1,010

Average Monthly Rent: $US1,143

Estimated Monthly Mortgage Payment: $US631

Per cent of median income saved from buying instead of renting: 14.38%

Source: RealtyTrac

Duval County, FL

A house in the Avondale neighbourhood of Jacksonville, FL

Metro Area: Jacksonville, FL

Population: 885,855

Median Weekly Income: $US988

Average Monthly Rent: $US1,311

Estimated Monthly Mortgage Payment: $US771

Per cent of median income saved from buying instead of renting: 14.82%

Source: RealtyTrac

Pasco County, FL

A new home in Dade City, FL the seat of Pasco County

Metro Area: Tampa-St. Petersburg-Clearwater, FL

Population: 475,502

Median Weekly Income: $US711

Average Monthly Rent: $US1,364

Estimated Monthly Mortgage Payment: $US743

Per cent of median income saved from buying instead of renting: 16.96%

Source: RealtyTrac

Philadelphia County

A street in the Tacony neighbourhood of Philadelphia

Metro Area: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

Population: 1,553,165

Median Weekly Income: $US1,210

Average Monthly Rent: $US1,440

Estimated Monthly Mortgage Payment: $US653

Per cent of median income saved from buying instead of renting: 26.23%

Source: RealtyTrac

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