7 Cities in the Midwest Where It’s Cheaper To Buy a Home Than Rent

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7 Cities in the Midwest Where It’s Cheaper To Buy a Home Than Rent

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Homebuyers looking for a good deal have turned their attention to the Midwest. According to a

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, three out of the top ten hottest housing markets are located in this region. In some cases, renting may be cheaper, but not everywhere.

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Home prices have increased by more than 50% since the end of 2019, according to HousingWire. At the same time, an

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showed that rents jumped by over 30% nationwide between 2019 and 2023. As of July 2024, the median existing-home sales price was $422,600, per data from the National Association of Realtors (NAR); however, the median home price in the Midwest was $321,300 – about $100,000 cheaper.

A separate

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also revealed that renting can save you an extra $1,000 per month compared with buying a home. Still, you could potentially save thousands of dollars per year by purchasing a home instead in select Midwestern housing markets.

GOBankingRates conducted research to determine the average

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for homeowners and renters in the nation’s largest 100 cities by population. Per the analysis, it is cheaper to buy a home than to rent in seven Midwestern cities. The annual cost savings range from a couple of hundred dollars up to over $10,000, depending on the city.

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Columbus, Ohio

Total population: 902,449

Median household income: $62,994

Average home value (June 2024): $247,042

Average monthly mortgage payment: $1,463

Homeowner monthly cost of living: $3,368

Annual savings when you buy instead of rent: $253

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Earning passive income doesn’t need to be difficult.

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Milwaukee, Wisconsin

Total population: 573,299

Median household income: $49,733

Average home value (June 2024): $210,407

Average monthly mortgage payment: $1,246

Homeowner monthly cost of living: $3,218

Annual savings when you buy instead of rent: $912

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Indianapolis

Total population: 882,006

Median household income: $59,110

Average home value (June 2024): $232,695

Average monthly mortgage payment: $1,378

Homeowner monthly cost of living: $3,266

Annual savings when you buy instead of rent: $924

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St. Louis, Missouri

Total population: 298,018

Median household income: $52,941

Average home value (June 2024): $184,129

Average monthly mortgage payment: $1,090

Homeowner monthly cost of living: $3,011

Annual savings when you buy instead of rent: $3,408

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Toledo, Ohio

Total population: 269,962

Median household income: $45,405

Average home value (June 2024): $124,509

Average monthly mortgage payment: $737

Homeowner monthly cost of living: $2,553

Annual savings when you buy instead of rent: $4,188

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Chicago

Total population: 2,721,914

Median household income: $71,673

Average home value (June 2024): $302,992

Average monthly mortgage payment: $1,794

Homeowner monthly cost of living: $3,957

Annual savings when you buy instead of rent: $4,860

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Detroit

Total population: 636,787

Median household income: $37,761

Average home value: $75,258

Average monthly mortgage payment: $446

Homeowner monthly cost of living: $2,737

Annual savings when you buy instead of rent: $10,740

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#Cities #Midwest #Cheaper #Buy #Home #Rent

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