In many cities in the US, it is easy to pay the mortgage for a home instead of renting it. In a recent financial study, it is said that renting a home is expensive than paying the mortgage for a Median home. Here they have discussed about the top three cities that are having a low mortgage payment for a home. All the top three cities are old, having a history with industrial industry even though they have seen a decline in it ever since. After the deindustrialization in these cities, a potential of revival has been seen, as sectors like education and healthcare have increased to fill in the gap.
Let's see the break up of the three cities in term of the payment of rent and mortgage.
1- Chicago: Monthly mortgage payment is $1456,
Monthly rent payment $1800
2- Philadephia: Monthly mortgage payment $1049
Monthly rent payment $1422
3- Detroit: Monthly mortgage payment $1124
Monthly rent payment $1188
Despite all this, each city has some drawbacks, for example in Illinois in Chicago has a high property tax rate compared to other cities in the country. Where in Detroit it is cheaper to own than rent. The difference between the rent and mortgage is very small (owning a home is slightly cheaper).
Source - https://www.forbes.com/sites/andrewdepietro/2018/11/12/cheaper-own-vs-rent/#366ffd4c7404
Let's see the break up of the three cities in term of the payment of rent and mortgage.
1- Chicago: Monthly mortgage payment is $1456,
Monthly rent payment $1800
2- Philadephia: Monthly mortgage payment $1049
Monthly rent payment $1422
3- Detroit: Monthly mortgage payment $1124
Monthly rent payment $1188
Despite all this, each city has some drawbacks, for example in Illinois in Chicago has a high property tax rate compared to other cities in the country. Where in Detroit it is cheaper to own than rent. The difference between the rent and mortgage is very small (owning a home is slightly cheaper).
Source - https://www.forbes.com/sites/andrewdepietro/2018/11/12/cheaper-own-vs-rent/#366ffd4c7404
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