The 10 best US cities to buy a home — and 10 where you should rent

The decision whether to rent or buy significantly depends on where you live. Alexander Spatari/Getty Images A Zumper analysis looked at the financial benefit of renting versus buying in major cities. Migration trends have recently made some unexpected cities more renter-friendly. In a few expensive cities, the rents outpace mortgage payments, making buying a better option. Should you buy or should you rent? The old advice that the best time to buy a home is the best time for you still holds true — but where you're buying plays an important role, too. Real estate site Zumper analyzed the cost of owning a home and the cost of renting across 83 of the largest US cities and calculated a price-to-rent ratio to determine where the housing market favors buyers versus renters. Not surprisingly, cities where the housing market is constantly in the news for being unaffordable, like San Francisco, make more sense to rent in. However, Zumper market expert Crystal Chen said rents sometimes outpace mortgages in expensive cities like New York City. "Expensive and buy-favorable aren't necessarily the same thing," Chen told Business Insider. "Even though New York has a high sticker price for homes, it's still more relatively buy-favorable. The rents are just so much higher." Some cities have become unaffordable for buyers due to recent migration trends. Boise, Idaho, which became a refuge for movers escaping coastal cities during the pandemic, has a widening gap between the price of renting and buying. "The home prices got really high because it was a pandemic hotspot," Chen said. "A lot of people moved there to buy and that drove the prices up. Renting is significantly cheaper there." If you're in a position to buy a home, and maybe feeling pressure to do so, see if that's the right call in your city — or move somewhere where it is. Below, 10 cities where it's better to buy a home, and 10 cities where it's better to rent, according to Zumper. Cities where it's better to rent San Jose, California. JasonDoiy/Getty Images 10. Boise, ID Boise, Idaho. Seibel Photography LLC/Getty Images Price-to-rent ratio: 27.816 NAR median house price: $484,000 Monthly homeowner cost (PITI): $2,868 Zumper monthly all-bed rent: $1,450 9. San Francisco, CA San Francisco. karandaev/Getty Images Price-to-rent ratio: 28.655 NAR median house price: $1,350,000 Monthly homeowner cost (PITI): $7,758 Zumper monthly all-bed rent: $3,926 8. Reno, NV Reno, Nevada. Jacob Boomsma/Getty Images Price-to-rent ratio: 28.958 NAR median house price: $602,900 Monthly homeowner cost (PITI): $3,397 Zumper monthly all-bed rent: $1,735 7. San Diego, CA San Diego. halbergman/Getty Images Price-to-rent ratio: 31.05 NAR median house price: $1,050,000 Monthly homeowner cost (PITI): $6,026 Zumper monthly all-bed rent: $2,818 6. Portland, OR Portland, Oregon. Nicholas Klein/Getty Images Price-to-rent ratio: 32.415 NAR median house price: $585,800 Monthly homeowner cost (PITI): $3,583 Zumper monthly all-bed rent: $1,506 5. Seattle, WA Seattle. @ Didier Marti/Getty Images Price-to-rent ratio: 32.649 NAR median house price: $772,600 Monthly homeowner cost (PITI): $4,547 Zumper monthly all-bed rent: $1,972 4. Salt Lake City, UT Salt Lake City. Sean Pavone/Getty Images Price-to-rent ratio: 34.863 NAR median house price: $576,500 Monthly homeowner cost (PITI): $3,306 Zumper monthly all-bed rent: $1,378 3. Urban Honolulu, HI Honolulu. ehabaref/Getty Images Price-to-rent ratio: 36.717 NAR median house price: $1,175,100 Monthly homeowner cost (PITI): $6,300 Zumper monthly all-bed rent: $2,667 2. Anaheim, CA Anaheim, California. NANCY PAUWELS/Getty Images Price-to-rent ratio: 47.829 NAR median house price: $1,442,900 Monthly homeowner cost (PITI): $8,216 Zumper monthly all-bed rent: $2,514 1. San Jose, CA San Jose, California. Jacob Boomsma/Getty Images Price-to-rent ratio: 55.049 NAR median house price: $2,030,000 Monthly homeowner cost (PITI): $11,666 Zumper monthly all-bed rent: $3,073 Cities where it's better to buy Syracuse, New York. DenisTangneyJr/Getty Images 10. Buffalo, NY Buffalo, New York. rruntsch/Getty Images Price-to-rent ratio: 15.631 NAR median house price: $262,600 Monthly homeowner cost (PITI): $1,686 Zumper monthly all-bed rent: $1,400 9. El Paso, TX El Paso, Texas. Sean Pavone/Getty Images Price-to-rent ratio: 14.912 NAR median house price: $272,000 Monthly homeowner cost (PITI): $2,246 Zumper monthly all-bed rent: $1,520 8. Virginia Beach, VA Virginia Beach, Virginia. Kyle Little/Getty Images Price-to-rent ratio: 14.898 NAR median house price: $362,200 Monthly homeowner cost (PITI): $2,260 Zumper monthly all-bed rent: $2,026 7. New Orleans, LA New Orleans. Kruck20/Getty Images Price-to-rent ratio: 14.838 NAR median house price: $293,800 Monthly homeowner cost (PITI): $1,854 Zumper monthly all-bed rent: $1,650 6. Rochester, NY Rochester, New York. Sean Pavone/Getty Images Price-to-rent ratio: 14.836 NAR median house price: $252,800 Monthly homeowner cost (PITI): $1,896 Zumper monthly all-bed rent: $1,420 5. Charleston, SC Charleston, South Carolina. Susanne Neumann/Getty Images Price-to-rent ratio: 14.787 NAR median house price: $459,500 Monthly homeowner cost (PITI): $2,754 Zumper monthly all-bed rent: $2,590 4. Chicago, IL Chicago. Iryna Olkhova/Getty Images Price-to-rent ratio: 14.549 NAR median house price: $384,100 Monthly homeowner cost (PITI): $2,726 Zumper monthly all-bed rent: $2,200 3. New York, NY New York. Vadym Terelyuk/Getty Images Price-to-rent ratio: 14.205 NAR median house price: $750,000 Monthly homeowner cost (PITI): $4,594 Zumper monthly all-bed rent: $4,400 2. Pittsburgh, PA Pittsburgh. halbergman/Getty Images Price-to-rent ratio: 13.033 NAR median house price: $234,600 Monthly homeowner cost (PITI): $1,501 Zumper monthly all-bed rent: $1,500 1. Syracuse, NY Syracuse, New York. Sean Pavone/Getty Images Price-to-rent ratio: 12.611 NAR median house price: $249,700 Monthly homeowner cost (PITI): $1,887 Zumper monthly all-bed rent: $1,650 Read the original article on Business Insider

The decision whether to rent or buy significantly depends on where you live.Alexander Spatari/Getty Images A Zumper analysis looked at the financial benefit of renting versus buying in major cities. Migration trends have recently made some unexpected cities more renter-friendly. In a few expensive cities, the rents outpace mortgage payments, making buying a better option. Should you buy or should you rent? The old advice that the best time to buy a home is the best time for you still holds true — but where you're buying plays an important role, too. Real estate site Zumper analyzed the cost of owning a home and the cost of renting across 83 of the largest US cities and calculated a price-to-rent ratio to determine where the housing market favors buyers versus renters. Not surprisingly, cities where the housing market is constantly in the news for being unaffordable, like San Francisco, make more sense to rent in. However, Zumper market expert Crystal Chen said rents sometimes outpace mortgages in expensive cities like New York City. "Expensive and buy-favorable aren't necessarily the same thing," Chen told Business Insider. "Even though New York has a high sticker price for homes, it's still more relatively buy-favorable. The rents are just so much higher." Some cities have become unaffordable for buyers due to recent migration trends. Boise, Idaho, which became a refuge for movers escaping coastal cities during the pandemic, has a widening gap between the price of renting and buying. "The home prices got really high because it was a pandemic hotspot," Chen said. "A lot of people moved there to buy and that drove the prices up. Renting is significantly cheaper there." If you're in a position to buy a home, and maybe feeling pressure to do so, see if that's the right call in your city — or move somewhere where it is. Below, 10 cities where it's better to buy a home, and 10 cities where it's better to rent, according to Zumper. Cities where it's better to rent San Jose, California.JasonDoiy/Getty Images 10. Boise, ID Boise, Idaho.Seibel Photography LLC/Getty Images Price-to-rent ratio: 27.816 NAR median house price: $484,000 Monthly homeowner cost (PITI): $2,868 Zumper monthly all-bed rent: $1,450 9. San Francisco, CA San Francisco.karandaev/Getty Images Price-to-rent ratio: 28.655 NAR median house price: $1,350,000 Monthly homeowner cost (PITI): $7,758 Zumper monthly all-bed rent: $3,926 8. Reno, NV Reno, Nevada.Jacob Boomsma/Getty Images Price-to-rent ratio: 28.958 NAR median house price: $602,900 Monthly homeowner cost (PITI): $3,397 Zumper monthly all-bed rent: $1,735 7. San Diego, CA San Diego.halbergman/Getty Images Price-to-rent ratio: 31.05 NAR median house price: $1,050,000 Monthly homeowner cost (PITI): $6,026 Zumper monthly all-bed rent: $2,818 6. Portland, OR Portland, Oregon.Nicholas Klein/Getty Images Price-to-rent ratio: 32.415 NAR median house price: $585,800 Monthly homeowner cost (PITI): $3,583 Zumper monthly all-bed rent: $1,506 5. Seattle, WA Seattle.@ Didier Marti/Getty Images Price-to-rent ratio: 32.649 NAR median house price: $772,600 Monthly homeowner cost (PITI): $4,547 Zumper monthly all-bed rent: $1,972 4. Salt Lake City, UT Salt Lake City.Sean Pavone/Getty Images Price-to-rent ratio: 34.863 NAR median house price: $576,500 Monthly homeowner cost (PITI): $3,306 Zumper monthly all-bed rent: $1,378 3. Urban Honolulu, HI Honolulu.ehabaref/Getty Images Price-to-rent ratio: 36.717 NAR median house price: $1,175,100 Monthly homeowner cost (PITI): $6,300 Zumper monthly all-bed rent: $2,667 2. Anaheim, CA Anaheim, California.NANCY PAUWELS/Getty Images Price-to-rent ratio: 47.829 NAR median house price: $1,442,900 Monthly homeowner cost (PITI): $8,216 Zumper monthly all-bed rent: $2,514 1. San Jose, CA San Jose, California.Jacob Boomsma/Getty Images Price-to-rent ratio: 55.049 NAR median house price: $2,030,000 Monthly homeowner cost (PITI): $11,666 Zumper monthly all-bed rent: $3,073 Cities where it's better to buy Syracuse, New York.DenisTangneyJr/Getty Images 10. Buffalo, NY Buffalo, New York.rruntsch/Getty Images Price-to-rent ratio: 15.631 NAR median house price: $262,600 Monthly homeowner cost (PITI): $1,686 Zumper monthly all-bed rent: $1,400 9. El Paso, TX El Paso, Texas.Sean Pavone/Getty Images Price-to-rent ratio: 14.912 NAR median house price: $272,000 Monthly homeowner cost (PITI): $2,246 Zumper monthly all-bed rent: $1,520 8. Virginia Beach, VA Virginia Beach, Virginia.Kyle Little/Getty Images Price-to-rent ratio: 14.898 NAR median house price: $362,200 Monthly homeowner cost (PITI): $2,260 Zumper monthly all-bed rent: $2,026 7. New Orleans, LA New Orleans.Kruck20/Getty Images Price-to-rent ratio: 14.838 NAR median house price: $293,800 Monthly homeowner cost (PITI): $1,854 Zumper monthly all-bed rent: $1,650 6. Rochester, NY Rochester, New York.Sean Pavone/Getty Images Price-to-rent ratio: 14.836 NAR median house price: $252,800 Monthly homeowner cost (PITI): $1,896 Zumper monthly all-bed rent: $1,420 5. Charleston, SC Charleston, South Carolina.Susanne Neumann/Getty Images Price-to-rent ratio: 14.787 NAR median house price: $459,500 Monthly homeowner cost (PITI): $2,754 Zumper monthly all-bed rent: $2,590 4. Chicago, IL Chicago.Iryna Olkhova/Getty Images Price-to-rent ratio: 14.549 NAR median house price: $384,100 Monthly homeowner cost (PITI): $2,726 Zumper monthly all-bed rent: $2,200 3. New York, NY New York.Vadym Terelyuk/Getty Images Price-to-rent ratio: 14.205 NAR median house price: $750,000 Monthly homeowner cost (PITI): $4,594 Zumper monthly all-bed rent: $4,400 2. Pittsburgh, PA Pittsburgh.halbergman/Getty Images Price-to-rent ratio: 13.033 NAR median house price: $234,600 Monthly homeowner cost (PITI): $1,501 Zumper monthly all-bed rent: $1,500 1. Syracuse, NY Syracuse, New York.Sean Pavone/Getty Images Price-to-rent ratio: 12.611 NAR median house price: $249,700 Monthly homeowner cost (PITI): $1,887 Zumper monthly all-bed rent: $1,650 Read the original article on Business Insider