Renting More Affordable in 50 Major Metro Areas, Realtor.com Finds

(Image courtesy of Anne O’Donnell/pexels.com)

Realtor.com recently reported that across the top 50 major metro areas, median asking rent stood at $1,720.

That’s down $23 from September and $40 from the peak hit in August 2022.

In comparison, the median home listing price is $425,950; with a rate of 6.93% and a 20% down payment, the average monthly mortgage payment would be $2,229. That doesn’t include property taxes, insurance or other fees, Realtor.com noted.

Some metro areas show a closer parity between renting and owning.

Realtor.com identified the five least expensive rental markets. Oklahoma City tops the list, with median monthly rent at $1,021, and median monthly mortgages (excluding taxes and insurance) at $1,664.

It’s followed by Memphis, Tenn. ($1,204 vs. $1,770); Columbus, Ohio ($1,210 vs. $1,950); Cleveland ($1,222 vs. $1,321) and Louisville, Ky., ($1,249 vs. $1,321).

On the flip side, San Jose, Calif., has a median monthly rent of $3,333 and median monthly mortgage payment (excluding taxes and insurance) of $7,367.

Then there’s Boston ($2,944 vs. $4,426), Los Angeles ($2,848 vs. $6,078), New York ($2,881 vs. $4,029) and San Francisco ($2,766 vs. $5,266).