Although many market studies over the past several months have found homeownership to be prohibitively expensive across the country, a new report from Zillow Home Loans suggests the monthly cost of homeownership may be more attainable than people think.

According to the report, monthly mortgage payments are less expensive than rent in nearly half of the 50 largest US metro areas. These findings contradict a Realtor.com Rental Report last month that found renting was more financially advantageous than buying in all major US cities.

Affordability is benefiting from recent dips in mortgage rates, which have now reached their lowest level since early 2023, said Zillow Home Loans. With 25% of sellers cutting prices on their properties and inventory up 22% compared with a year ago, homebuyers are gaining bargaining power. At the same time, rents are 34% more than they were before the pandemic, according to Zillow Home Loans.