SAN JOSE–New data reveal in which markets it has become prohibitively more expensive to own a home than to rent, making it extremely difficult for renters to ever buy a home of their own.
Using mortgage payment data from Zoocasa and rental data from Zumper, GOBankingRates reported that it has identified cities where the average monthly mortgage exceeds the cost of renting. Five such markets it said are the leading example of the challenges to home ownership include, according to GoBankingRates:
San Jose, Calif.
Average monthly mortgage payment: $10,587
Average monthly rent: $3,330
San Francisco
Average monthly mortgage payment: $7,061
Average monthly rent: $4,880
Urban Honolulu, Hawaii
Average monthly mortgage payment: $5,688
Average monthly rent: $3,000
San Diego
Average monthly mortgage payment: $5,076
Average monthly rent: $2,990
Salt Lake City, Utah
Average monthly mortgage payment: $2,912
Average monthly rent: $1,400
Portland, Ore.
Average monthly mortgage payment: $3,044
Average monthly rent: $1,700
