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.
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.
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San Francisco, California
- Average monthly mortgage payment: $7,061
- Average monthly rent: $4,880
San Francisco is another Californian city where monthly mortgages are a lot higher than rent — over $2,000 more, in fact. Even well-paid residents might have to weigh up the benefits of ownership against the heavy monthly costs.
Urban Honolulu, Hawaii
- Average monthly mortgage payment: $5,688
- Average monthly rent: $3,000
Honolulu shows a similar pattern, with mortgages almost double the cost of renting. It’s clear that prime locations and scenic views come with a steep price tag.
San Diego, California
- Average monthly mortgage payment: $5,076
- Average monthly rent: $2,990
Monthly mortgage payments are just over $2,000 higher than rent in San Diego, making renting a cheaper alternative for many residents here.
Salt Lake City, Utah
- Average monthly mortgage payment: $2,912
- Average monthly rent: $1,400
Housing options in Salt Lake City may seem more reasonable, but mortgages still cost more than twice the typical rent.
Portland, Oregon
- Average monthly mortgage payment: $3,044
- Average monthly rent: $1,700
In Portland, mortgage payments outpace rent by over $1,300 per month. For many residents, renting remains the more practical financial choice.
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This article originally appeared on GOBankingRates.com: 6 Cities Where Mortgage Payments Are Now Higher Than Rent — by a Lot
