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But how much will it really cost you?
Before you decide whats best for your situation, youll need to take a hard look at your wallet.
When you rent, you dont have to pay for fixing up the place the owner does that.
Renting also lets you move more easily if your job or life changes.
But renting has its downsides, too.
Most landlords tend to raise the rent every year.
Renting also doesnt help you grow your money youre just paying to use a space without owning anything.
On the other hand, buying a home is often considered a goodinvestment.
But buying a home isnt always easy.
Youre going to need a lot of money upfront for a down payment and other closing costs.
Also, remember youll need to pay property taxes every year.
This is most pronounced in Raleigh, where the cost of owning is around 125% higher than renting.
First GOBankingRates found the top 100 cities by population as sourced from the US Census American Community Survey.
The average rental cost was sourced from Zillow Observed Rental Index for each city.
All data was collected on and is up to date as of July 15, 2024.
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