Lower rent prices and multi-decade-high mortgage rates mean that it's smarter to rent than buy in most large US cities right now, according to Realtor.com.
Disparities between buying and renting stemmed from a split in how median costs changed in the last 12 months.
"The advantage of renting became more pronounced in all rent-favoring markets," Xu and Hale wrote.
But there were three cities where buying was actually cheaper than renting in August, according to Realtor.com: Memphis, Tennessee; Pittsburgh, Pennsylvania; and Birmingham, Alabama.
Below are the 10 metro areas where renting makes more sense than buying right now, along with the median rent, the median monthly cost of buying and how it compares to renting, and the year-over-year changes for renting and buying.
Persons:
Jiayi Xu, Danielle Hale, Xu, Hale, Realtor.com, Freddie Mac
Locations:
Realtor.com, Memphis , Tennessee, Pittsburgh , Pennsylvania, Birmingham , Alabama