Owning a home beats renting one in several important ways, common wisdom dictates, starting with the fact that homeowners pay down their own mortgage, rather than someone else’s. But home ownership feels out of reach to many Americans in 2023, thanks to a historic alignment of high mortgage rates and high sales prices. Surprisingly, real estate analysts can still point to a few large cities where owning a home remains cheaper than renting. We’re not talking about San Francisco or New York, where home ownership comes at a hefty premium. These are cities with home prices low enough, even now, that the average monthly mortgage payment is lower than the typical monthly rent in t
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