July 30, 2021

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Mortgage News

Cheaper to rent than buy a home with a mortgage in Milwaukee: Study

MILWAUKEE – New study shows it is cheaper to rent a home on a mortgage in Milwaukee than to buy a home.

The credit company, Credit tree, found the average monthly rental cost in the city to be $ 903. That’s compared to the average monthly cost of a home on a $ 1,606 mortgage – a difference of $ 703.

That difference puts Milwaukee 14th out of the 50 largest metros in the country, just below Washington, DC and just above Baltimore. The top cities in this regard? No surprise: New York, San Francisco, San Jose and Los Angeles.

A home without a mortgage is still cheaper than renting in Milwaukee, LendingTree found, with the average monthly cost of a home without a mortgage being $ 637. That’s a difference of $ 266.

Milwaukee was ranked third among the 50 largest subways where the difference in cost between renting a home and owning a home without a mortgage is the smallest. There were only minor differences in Providence, Rhode Island, and Hartford, Connecticut.

Milwaukee continues to be a hot market for homes, with asking prices for homes for sale soaring.

For the study, LendingTree used data from the US Census Bureau’s 2019 American Community Survey. The median gross monthly rent and median monthly housing costs with and without a mortgage include the total monthly costs incurred by tenants or owners, including utilities, fees and taxes, according to LendingTree.

“LendingTree subtracted the average monthly housing cost in each subway for both those who have a mortgage and those who own their home (without a mortgage) from the average gross monthly rent in each subway to keep the two in to create rankings presented in this study, “ according to their website.

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