Research group Construction Coverage just released new data identifying cities and counties where it’s still cheaper to buy a home vs.renting, and the locations where the buying premium has now skyrocketed.
The report covers 343 U.S. cities and over 1,000 counties, with a detailed breakdown of the buying vs. renting premium, median monthly housing costs, and home prices in each location.
The report compares the average numbers throughout the U.S. and Jacksonville.
The statistics for the entire United States:
Premium/discount of buying vs. renting: 21.0%
Median monthly mortgage payment: $2,382
Median monthly rent: $1,968
Median home price: $355,328.
The analysis shows only 32 out of 343 cities are more affordable for buyers than renters; Jacksonville isn’t one of them.
Here is a summary of the data for Jacksonville, FL of buying vs renting:
Premium/discount of buying vs. renting: 17.4%
Median monthly mortgage payment: $1,885
Median monthly rent: $1,606
Median home price: $287,628
Buying Vs. Renting in Jacksonville:
Real estate analysts have said that since 2021, low interest rates and rising household savings and incomes have positioned many Americans to buy real estate. But high competition and low supply created a boom in the residential real estate market that sent home prices in the U.S. to record highs. With home prices elevated and interest rates rising to cool the market, more would-be buyers have been priced out, increasing the competitiveness of the rental market and in turn driving rents upward.
However, by 2022, the equation has shifted. A combination of soaring home prices and rapidly rising interest rates made renting the more affordable option in most markets. Mortgage rates have more than doubled since reaching record lows in January 2021, and while home price growth has slowed, the median home price remains approximately 33% higher over the same period. As of January 2025, the typical monthly mortgage payment (including property taxes) for a home in the U.S. is now 21% higher than the typical monthly rent.
Currently, renting has taken the edge.
