- A recent study by GoBankingRates found that in 31 cities, residents can save hundreds of dollars a month by paying a mortgage instead of paying rent.
- The study calculated the average cost of a mortgage in each city and compared it to the average rent in each city.
- According to Zumper, in September 2019, the median national rent for a 1-bedroom was $1,250.
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In some US cities, it's cheaper to own a home than to rent a place.
Rents across the country keep going up. According to Zumper, in September 2019, the median national rent for a 1-bedroom was $1,250.
A recent study by GoBankingRates, a personal finance platform, found that in 31 cities, residents can save hundreds of dollars a month by paying a mortgage instead of paying rent.
Read more: The 25 US cities where renters are becoming homeowners the quickest
The study calculated the average cost of a mortgage in each city and compared it to the average rent in the same city. To gather the average mortgage in each city, GoBankingRates factored in each city's median listing price, local property taxes, a 20% down payment, home insurance, and a 30-year fixed-rate loan, using data accurate as of July 10, 2019.
The study looked at the 85 largest US cities by population and found that, in 31 of them, the average monthly mortgage is cheaper than the average monthly rent — sometimes by hundreds of dollars.
Keep reading to see the full list, ranked from the city where buying saves you the least each month when compared with renting to where it saves you the most.
SEE ALSO: The 10 US cities most vulnerable to a housing downturn when the next recession happens
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31. Colorado Springs, Colorado
Average monthly rent: $1,551
Average monthly mortgage payment: $1,545
Median home value: $296,100
30. Phoenix, Arizona
Average monthly rent: $1,392
Average monthly mortgage payment: $1,383
Median home value: $244,600
29. Arlington, Texas
Average monthly rent: $1,555
Average monthly mortgage payment: $1,545
Median home value: $211,200
28. Stockton, California
Average monthly rent: $1,569
Average monthly mortgage payment: $1,547
Median home value: $303,400
27. Greensboro, North Carolina
Average monthly rent: $1,116
Average monthly mortgage payment: $1,080
Median home value: $147,400
26. Virginia Beach, Virginia
Average monthly rent: $1,582
Average monthly mortgage payment: $1,538
Median home value: $269,600
25. Columbus, Ohio
Average monthly rent: $1,204
Average monthly mortgage payment: $1,158
Median home value: $157,900
24. Anaheim, California
Average monthly rent: $2,817
Average monthly mortgage payment: $2,761
Median home value: $600,400
23. Mesa, Arizona
Average monthly rent: $1,417
Average monthly mortgage payment: $1,360
Median home value: $254,200
22. St. Louis, Missouri
Average monthly rent: $932
Average monthly mortgage payment: $866
Median home value: $287,100
21. Philadelphia, Pennsylvania
Average monthly rent: $1,260
Average monthly mortgage payment: $1,192
Median home value: $157,500
20. Albuquerque, New Mexico
Average monthly rent: $1,240
Average monthly mortgage payment: $1,171
Median home value: $204,600
19. Oklahoma City, Oklahoma
Average monthly rent: $1,084
Average monthly mortgage payment: $1,006
Median home value: $132,500
18. Sacramento, California
Average monthly rent: $1,706
Average monthly mortgage payment: $1,622
Median home value: $327,200
17. Chula Vista, California
Average monthly rent: $2,566
Average monthly mortgage payment: $2,475
Median home value: $541,600
16. Corpus Christi, Texas
Average monthly rent: $1,372
Average monthly mortgage payment: $1,277
Median home value: $147,500
15. Anchorage, Alaska
Average monthly rent: $1,817
Average monthly mortgage payment: $1,708
Median home value: $339,000
14. Jacksonville, Florida
Average monthly rent: $1,259
Average monthly mortgage payment: $1,137
Median home value: $179,300
13. Norfolk, Virginia
Average monthly rent: $1,292
Average monthly mortgage payment: $1,142
Median home value: $190,500
12. Milwaukee, Wisconsin
Average monthly rent: $1,051
Average monthly mortgage payment: $890
Median home value: $123,500
11. Columbia, South Carolina
Average monthly rent: $1,125
Average monthly mortgage payment: $963
Median home value: $136,900
10. Buffalo, New York
Average monthly rent: $942
Average monthly mortgage payment: $776
Median home value: $86,800
9. Silver Spring, Maryland
Average monthly rent: $2,236
Average monthly mortgage payment: $2,047
Median home value: $407,600
8. Indianapolis, Indiana
Average monthly rent: $1,139
Average monthly mortgage payment: $943
Median home value: $145,800
7. Memphis, Tennessee
Average monthly rent: $855
Average monthly mortgage payment: $652
Median home value: $86,900
6. Aurora, Colorado
Average monthly rent: $1,910
Average monthly mortgage payment: $1,706
Median home value: $327,800
5. Toledo, Ohio
Average monthly rent: $795
Average monthly mortgage payment: $583
Median home value: $71,800
4. St. Paul, Minnesota
Average monthly rent: $1,494
Average monthly mortgage payment: $1,268
Median home value: $220,600
3. Santa Ana, California
Average monthly rent: $2,731
Average monthly mortgage payment: $2,484
Median home value: $552,100
2. Cleveland, Ohio
Average monthly rent: $857
Average monthly mortgage payment: $579
Median home value: $58,000
1. Baltimore, Maryland
Average monthly rent: $1,286
Average monthly mortgage payment: $978
Median home value: $116,700