DENVER (KDVR) — A new study found that it’s cheaper to rent than buy a home in all of the top metros in the U.S.
In Denver specifically, it’s a difference of over a thousand dollars.
Bankrate compared the prices based on Redfin’s median sale price data and Zillow rent data as of February 2024.
Based on the data, it’s cheaper to pay rent than a mortgage throughout the country, but depending on the area, it’s sometimes only a difference of a few hundred dollars.
Renting vs. buying in metro areas
Here is a comparison of rent prices and mortgage prices per month of some of the largest metros in the nation.
| Metros | Typical monthly rent | Typical monthly mortgage payment | Buy-to-rent ratio |
| Austin-Round Rock-Georgetown, TX Metro Area | $1,753 | $3,269 | 86.5% |
| Baltimore-Columbia-Towson, MD Metro Area | $1,815 | $2,403 | 32.4% |
| Boston-Cambridge-Newton, MA-NH Metro Area | $3,077 | $4,395 | 42.8% |
| Chicago-Naperville-Elgin, IL-IN-WI Metro Area | $2,011 | $2,472 | 22.9% |
| Denver-Aurora-Lakewood, CO Metro Area | $2,027 | $3,627 | 78.9% |
| Kansas City, MO-KS Metro Area | $1,427 | $2,208 | 54.8% |
| Las Vegas-Henderson-Paradise, NV Metro Area | $1,764 | $2,627 | 48.9% |
| Miami-Fort Lauderdale-Pompano Beach, FL Metro Area | $2,745 | $4,267 | 55.5% |
| New Orleans-Metairie, LA Metro Area | $1,635 | $2,536 | 55.1% |
| New York-Newark-Jersey City, NY-NJ Metro Area | $3,189 | $4,775 | 49.7% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Metro Area | $1,829 | $1,988 | 8.7% |
| Phoenix-Mesa-Chandler, AZ Metro Area | $1,864 | $2,806 | 50.5% |
| Salt Lake City, UT Metro Area | $1,673 | $3,161 | 89.0% |
| San Diego-Chula Vista-Carlsbad, CA Metro Area | $2,965 | $5,411 | 82.5% |
| San Francisco-Oakland-Berkeley, CA Metro Area | $3,024 | $8,486 | 180.7% |
| United States | $1,979 | $2,703 | 36.6% |
Some cities are cheaper to buy from than others.
For example, homes in Philadelphia are close to the same rate as rent. Typical monthly rent amounts to $1,829 while mortgage payments are only about a hundred more dollars at $1,988.
As for Denver, the difference between renting and buying a home is a few thousand dollars.
In the nation, there’s about an $800 difference in monthly payments. However, it’s about $1,600 cheaper to rent in the Mile High City.
While this is more expensive than the average, it’s not nearly close to the highest difference between rent and mortgage. Other cities are significantly more expensive.
For example, San Francisco’s monthly rent is $3,024 while the monthly mortgage payment is over $8,000.
