Cities in California often pay more to buy than rent, while cities in Florida pay more to rent than buy. (iStock)
Mortgage and rental costs are shifting throughout the country, with some parts of the country paying astronomical rent costs and others facing steep monthly mortgage payments.
In certain cities in the Bay Area, for example, owning a home costs at least $2,000 more than renting, a Smart Asset study found. Homeowners in New Jersey also often pay more than twice as much as renters.
However, some renters in cities in Arizona and Florida often pay a few hundred dollars more for rent than on a mortgage.
If you’re looking to purchase a home in today’s market, you can explore your mortgage options by visiting Credible to compare rates and lenders in minutes.
71% OF AMERICANS WAITING ON INTEREST RATE CUTS BEFORE HUNTING FOR HOMES: SURVEY
