For people in a position to buy, moving from renting to owning often feels like the natural next step. But monthly housing costs are climbing in many places, and mortgage payments are getting harder to manage. Even buyers who thought they could comfortably afford a home are seeing the numbers add up fast, especially in cities where prices are already high.
Using mortgage payment data from Zoocasa and rental data from Zumper, GOBankingRates looked at cities where the average monthly mortgage exceeds the cost of renting. In these markets, homeowners can be paying thousands more each month than renters, highlighting how the cost of buying can dramatically outpace renting in certain parts of the country.
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San Jose, California
- Average monthly mortgage payment: $10,587
- Average monthly rent: $3,330
In San Jose, mortgage payments are more than three times the average cost of renting, making homeownership a hefty monthly commitment. Renting here, though still not cheap, is a much more accessible option for many people…