Redfin ranked the only four cities in the U.S. where it's cheaper to buy than rent.
But there are a few cities where taking on that mortgage — instead of paying monthly rent — is the smarter financial decision.
Top 3 cities where it's cheaper to buy than to rentDetroit, Mich. Philadelphia, Pa. Cleveland, Ohio In Detroit, the number one city on the list, the typical home is 24% less expensive to buy than rent.
The average estimated monthly mortgage payment for homebuyers is $1,296, compared with an average estimated monthly rent of $1,697.
Philadelphia, Pennsylvania ranked as the second city in the U.S. where it's cheaper to buy a home than rent.
Persons:
Redfin, Taylor Marr, Marr, Jon Lovette, Cleveland , Ohio Ken Redding
Organizations:
Detroit, Istock, U.S, General Motors, Ford, America, Chrysler, DigitalVision, Cleveland, Bank, Getty
Locations:
U.S, Mich, F11photo, Detroit, Philadelphia, Pa . Cleveland , Ohio, Chicago, Philadelphia , Pennsylvania, New York City, Ohio, Cleveland , Ohio