It is hard to believe in this era of rising mortgage rates but there are actually four cities where buying makes better sense than renting.
In Detroit, Philadelphia, Cleveland and Houston, homeownership still makes sense as monthly rental payments are more than monthly mortgages, according to Redfin.
For example, the typical home in Detroit is 24% less expensive to buy than rent there due to the median estimated monthly mortgage payment running $1,296 versus the estimated rent being $1,697. In fact, 80% of properties are less expensive to buy than rent.
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