We’re all told that owning a home is the American dream, since renting an apartment means realizing someone else’s financial dreams.
Still, no one ever mentions the nightmare of mortgage payments. The average cost of a new home in late 2019 was about $363,000. As of today, that cost could be as high as $400,000.
Surprisingly, the average price of rent is $1,500 while a mortgage is usually $1,477. So, if rent and mortgage prices are the same, why should one worry about the difference?
It depends on where you live. Here are five places where owning is clearly cheaper than renting.