Renting More Affordable Than Buying in All Major U.S. Metros

New data shows mortgage payments average 37% more than rent nationwide

Published on Feb. 4, 2026

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According to new data from LendingTree, the median monthly mortgage payment in the U.S. is $2,035, which is 36.9% more than the median monthly gross rent payment of $1,487. This gap has widened by about $500 between 2023 and 2024, and there is not a single major metro area where buying a home is more affordable than renting.

Why it matters

The growing affordability gap between renting and buying a home has significant implications, both for individual consumers and the broader economy. While homeownership provides long-term benefits like building equity, the high costs may price many potential buyers out of the market, forcing them to remain renters and limiting their ability to accumulate wealth.

The details

LendingTree's analysis found that in Bridgeport, Connecticut, buyers pay about $1,565 more per month than renters, while in Phoenix the difference is just $184. Although renting generally costs less and avoids the upkeep expenses of homeownership, buying a home can help build equity over time. However, experts note that to truly benefit from homeownership, buyers likely need to stay in the home for more than a few years.

  • The median monthly gross rent payment in the U.S. is $1,487.
  • The typical monthly mortgage payment is $2,035, which is 36.9% more than rent on average.
  • The gap between rent and mortgage payments widened by about $500 between 2023 and 2024.

The players

LendingTree

An online loan marketplace that provides consumers with multiple loan offers from various lenders.

Matt Schulz

LendingTree's chief consumer finance analyst.

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What they’re saying

“The equity you can build in a home you own can provide valuable financing options in the future for things like a home remodel, starting a business or knocking down high-interest debt.”

— Matt Schulz, Chief Consumer Finance Analyst (LendingTree)

“They're choosing not to buy a new home because they're reluctant to trade their current low-rate mortgage for one at today's higher rates. Some people are even becoming resigned to the fact that they'll never be able to own a home. That sort of decision has massive ramifications, not just for individuals but for the economy as a whole. Unfortunately, however, that doesn't seem likely to change anytime soon.”

— Matt Schulz, Chief Consumer Finance Analyst (LendingTree)

The takeaway

The growing gap between renting and buying a home highlights the significant affordability challenges facing potential homebuyers, especially first-time buyers and those looking to upgrade. This trend could have far-reaching implications, limiting individuals' ability to build wealth through homeownership and potentially impacting the broader economy.