The monthly savings from renting over buying shrinks by $136 year-over-year, even as national median rent hits its 32nd consecutive month of decline
AUSTIN, Texas, April 16, 2026 /PRNewswire/ -- Homeownership remains the goal for many Americans, and right now, the rental market is quietly making that dream more attainable. According to the Realtor.com® March Rental Report, renting a starter home remains the more affordable option across all 50 of the largest U.S. metros, with an average monthly savings of $920 compared to buying. For renters with homeownership in their sights, that gap is not just a reflection of today's market, it's an opportunity to build toward tomorrow's purchase.
Those monthly savings can be put directly toward a down payment, creating a faster path to ownership and a lower mortgage payment when the time comes. The strategy is particularly compelling in rent-favoring markets where the percentage gap is widest. In Austin, Texas, where monthly buying costs run $1,719 (126.3%) higher than renting, the savings potential is substantial.
The national median asking rent in March 2026 stood at $1,669, down $25, or 1.5%, year-over-year, marking the 32nd consecutive month of annual declines for 0-2 bedroom properties. While still $249 (17.5%) above pre-pandemic levels, the median sits $95 (-5.4%) below its August 2022 peak.
"A person moving into the typical rental spends less each month than someone buying a starter home today," said Danielle Hale, chief economist at Realtor.com®. "As buying costs have eased in many markets, renters who are intentional about saving have a real opportunity to build toward a down payment faster than they might think."
The decision to rent or buy is deeply personal, and every family will need to weigh their own circumstances, including closing costs, equity built over time, and the opportunity cost of a down payment. Households can explore the longer-term trade-offs with the Realtor.com® Rent vs. Buy Calculator. And timing matters: Realtor.com®'s recent Generational Wealth Report found that households that purchase their first home by age 30 see a 22.5% higher net worth by midlife compared to those who wait until their 40s.
Where the Savings Opportunity Is Greatest
In markets where the gap between renting and buying is widest, renters have the most to gain by redirecting monthly savings toward a down payment. The top markets where renting is most favorable:
Market Median Monthly
$
% Rent Buy
Rent Buy Difference Difference Cost YY Cost
Cost (Buy- (Buy- YY
Rent) Rent)/
Rent, 2026
Austin-Round Rock-San Marcos, Texas $1,361 $3,080 $1,719 126.3 % -6.0 % -8.8 %
Seattle-Tacoma-Bellevue, Wash. $1,862 $3,882 $2,020 108.5 % 0.4 % -6.7 %
Phoenix-Mesa-Chandler, Ariz. $1,435 $2,627 $1,192 83.1 % -4.5 % -11.2 %
Los Angeles-Long Beach-Anaheim, Calif. $2,760 $4,986 $2,226 80.7 % -1.8 % -8.2 %
Dallas-Fort Worth-Arlington, Texas $1,461 $2,639 $1,178 80.6 % -3.2 % -3.5 %
San Francisco-Oakland-Fremont, Calif. $2,691 $4,829 $2,138 79.5 % -1.9 % -5.3 %
Sacramento-Roseville-Folsom, Calif. $1,820 $3,204 $1,384 76.0 % -1.2 % -3.8 %
Nashville-Davidson--Murfreesboro--Franklin, Tenn. $1,477 $2,596 $1,119 75.8 % -4.0 % -9.6 %
Columbus, Ohio $1,166 $2,046 $880 75.5 % -1.1 % -7.7 %
San Jose-Sunnyvale-Santa Clara, Calif. $3,276 $5,701 $2,425 74.0 % 1.6 % -6.0 %
Where Buying Could Become the Better Deal and When
The overall renting advantage has shrunk by $136 over the past year, as lower mortgage rates and home prices are making buying increasingly competitive. If current trends hold, with renting costs easing 1.5% annually and buying costs declining 5.9%, buying would become the more affordable option in roughly 10 years on average across the top 50 metros. But in a handful of markets, that crossover could come much sooner:
Metros Where Buying is Within Reach if Today's Trend Hold
Median Monthly
$ % Rent Buy Years when
Difference Buying
Rent Buy Cost Difference (Buy- Cost Cost YY is More Cost-
(Buy-Rent) Rent)/Rent, YY Effective if
Today's
2026 Trend Hold
Pittsburgh, Pa. $1,459 $1,523 $64 4.4 % 3.1 % 0.3 % 1.5 yrs
Memphis, Tenn.-Miss.-Ark. $1,106 $1,296 $190 17.2 % -4.9 % -13.3 %
2 yrs
Baltimore-Columbia-Towson, Md. $1,808 $2,014 $206 11.4 % -0.3 % -5.8 %
2 yrs
Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va. $2,281 $2,988 $707 31.0 % -0.9 % -10.7 %
3 yrs
Orlando-Kissimmee-Sanford, Fla. $1,661 $1,964 $303 18.2 % -2.2 % -6.3 %
4 yrs
"What's striking is that the crossover in these markets is being driven by two different forces," said Jiayi Xu, economist at Realtor.com®. "In Pittsburgh, it's rising rents that are closing the gap. In markets like Memphis and Baltimore, it's buy costs cooling faster than rents. The path looks different, but the destination is the same, and it's worth watching as we move through 2026."
On the other end of the spectrum, the renting advantage is growing in three Midwest markets. Cleveland, Ohio now sees renting save $584 per month over buying, up $110 from a year ago, followed by Milwaukee, Wis. (+$65) and Detroit, Mich. (+$14).
A Shrinking Gap Is Not the Same as an Affordable Market
Not all markets where the renting advantage is narrowing tell the same story. In high-cost coastal cities, the gap is closing, but buying remains out of reach for most renters. In San Jose, Calif., buying a starter home still costs 74.0% more per month than renting. In Los Angeles, that figure is 80.7%, and in Boston, 62.2%.
The narrowing in these markets is real. Renting saved $420 per month less in San Jose compared to a year ago, $412 less in Boston, and $396 less in Los Angeles. But those are shifts at the margins of an already unaffordable market, not generally a signal that buying has become viable. The one exception here is the Washington-et-al, D.C. metro area where the sizable drop in the rental advantage was sufficient to place the market among the top 5 areas where buying could be within reach in the near future.
Top Metros With Diminishing Advantage in Renting
Market Median Monthly Buy
$ Diff. (Buy- % Diff. (Buy-
Rent)
$Diff. (Buy-
Rent Cost Rent) Rent): Mar
2026 vs. 2025
San Jose-Sunnyvale-Santa Clara, Calif. $3,276 $5,701 $2,425 74.0 % -$420
Boston-Cambridge-Newton, Mass.-N.H. $2,918 $4,733 $1,815 62.2 % -$412
Los Angeles-Long Beach-Anaheim, Calif. $2,760 $4,986 $2,226 80.7 % -$396
Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va. $2,281 $2,988 $707 31.0 % -$338
San Diego-Chula Vista-Carlsbad, Calif. $2,669 $4,296 $1,627 61.0 % -$319
All Unit Sizes Saw Continued Declines
Median rent declined across every unit type in March 2026:
National Rents by Unit Size
Unit Size Median Rent Rent YoY Consecutive Total
Decline Rent Change -
Months of from Peak 7 Years
Decline
Overall $1,669 -1.5 % 32 -5.4 % 17.5 %
Studio $1,410 -0.7 % 31 -5.1 % 16.2 %
1-Bedroom $1,563 -1.1 % 34 -5.8 % 17.1 %
2-Bedroom $1,859 -1.7 % 34 -5.6 % 19.7 %
"We expect rents to tick up modestly as we head into the spring leasing season, which is typical," said Xu. "But given the surge in multifamily construction over the past several years, we anticipate continued year-over-year declines. Rents are unlikely to reach a new peak by the end of 2026."
Appendix
Market 2026 2026 Mar
$ Difference % Difference 2026 Mar 2026 Mar
Mar Rent Buy Cost (Buy- (Buy- Rent Cost, Buy Cost,
Cost Rent), 2026 Rent)/Rent,
2026 YY YY
Atlanta-Sandy Springs-Roswell, Ga. $1,549 $2,238 $689 44.5 % -3.1 % -4.1 %
Austin-Round Rock-San Marcos, Texas $1,361 $3,080 $1,719 126.3 % -6.0 % -8.8 %
Baltimore-Columbia-Towson, Md. $1,808 $2,014 $206 11.4 % -0.3 % -5.8 %
Birmingham, Ala. $1,167 $1,359 $192 16.5 % $0 -1.9 %
Boston-Cambridge-Newton, Mass.-N.H. $2,918 $4,733 $1,815 62.2 % -2.3 % -9.2 %
Buffalo-Cheektowaga, N.Y. NA NA NA
NA NA NA
Charlotte-Concord-Gastonia, N.C.-S.C. $1,494 $2,137 $643 43.0 % -2.1 % -4.0 %
Chicago-Naperville-Elgin, Ill.-Ind. $1,788 $2,535 $747 41.8 % -1.6 % -3.3 %
Cincinnati, Ohio-Ky.-Ind. $1,309 $1,880 $571 43.6 % 0.3 % -2.3 %
Cleveland, Ohio $1,191 $1,775 $584 49.0 % -1.4 % 5.5 %
Columbus, Ohio $1,166 $2,046 $880 75.5 % -1.1 % -7.7 %
Dallas-Fort Worth-Arlington, Texas $1,461 $2,639 $1,178 80.6 % -3.2 % -3.5 %
Denver-Aurora-Centennial, Colo. $1,745 $2,821 $1,076 61.7 % $0 -8.5 %
Detroit-Warren-Dearborn, Mich. $1,258 $1,662 $404 32.1 % -3.0 % -1.5 %
Hartford-West Hartford-East Hartford, Conn. NA NA NA
NA NA NA
Houston-Pasadena-The Woodlands, Texas $1,376 $2,147 $771 56.0 % -2.9 % -7.9 %
Indianapolis-Carmel-Greenwood, Ind. $1,269 $1,697 $428 33.7 % -1.1 % -3.2 %
Jacksonville, Fla. $1,479 $2,171 $692 46.8 % -2.4 % -8.6 %
Kansas City, Mo.-Kan. $1,401 $1,592 $191 13.6 % 3.5 % 1.1 %
Las Vegas-Henderson-North Las Vegas, Nev. $1,436 $2,158 $722 50.3 % -1.7 % -5.1 %
Los Angeles-Long Beach-Anaheim, Calif. $2,760 $4,986 $2,226 80.7 % -1.8 % -8.2 %
Louisville/Jefferson County, Ky.-Ind. $1,220 $1,624 $404 33.1 % -0.1 % -2.4 %
Memphis, Tenn-Miss.-Ark. $1,106 $1,296 $190 17.2 % -4.9 % -13.3 %
Miami-Fort Lauderdale-West Palm Beach, Fla. $2,254 $2,998 $744 33.0 % -2.2 % -5.6 %
Milwaukee-Waukesha, Wiss. $1,621 $2,493 $872 53.8 % 0.7 % 3.1 %
Minneapolis-St. Paul-Bloomington, Minn-Wis. $1,492 $2,299 $807 54.1 % $0 -6.7 %
Nashville-Davidson--Murfreesboro--Franklin, Tenn. $1,477 $2,596 $1,119 75.8 % -4.0 % -9.6 %
New Orleans-Metairie, La. NA NA NA
NA NA NA
New York-Newark-Jersey City, N.Y.-N.J. $2,829 $4,775 $1,946 68.8 % -1.6 % -7.0 %
Oklahoma City, Okla. $917 $1,470 $553 60.3 % -5.3 % -11.8 %
Orlando-Kissimmee-Sanford, Fla. $1,661 $1,964 $303 18.2 % -2.2 % -6.3 %
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. $1,727 $2,339 $612 35.4 % -1.6 % -7.3 %
Phoenix-Mesa-Chandler, Ariz. $1,435 $2,627 $1,192 83.1 % -4.5 % -11.2 %
Pittsburgh, Pa. $1,459 $1,523 $64 4.4 % $0 0.3 %
Portland-Vancouver-Hillsboro, Ore.-Wash. $1,600 $2,760 $1,160 72.5 % -0.5 % -5.9 %
Providence-Warwick, R.I.-Mass. NA NA NA
NA NA NA
Raleigh-Cary, N.C. $1,428 $2,274 $846 59.2 % -2.0 % -6.8 %
Richmond, Va. $1,527 $2,378 $851 55.7 % $0 -1.9 %
Riverside-San Bernardino-Ontario, Calif. $2,039 $3,084 $1,045 51.3 % -4.3 % -5.5 %
Rochester, N.Y. NA NA NA
NA NA NA
Sacramento-Roseville-Folsom, Calif. $1,820 $3,204 $1,384 76.0 % -1.2 % -3.8 %
St. Louis, Mo.-Ill. $1,280 $1,539 $259 20.2 % -0.2 % -2.8 %
San Antonio-New Braunfels, Texas $1,160 $1,836 $676 58.3 % -4.5 % -13.6 %
San Diego-Chula Vista-Carlsbad, Calif. $2,669 $4,296 $1,627 61.0 % -2.8 % -8.4 %
San Francisco-Oakland-Fremont, Calif. $2,691 $4,829 $2,138 79.5 % -1.9 % -5.3 %
San Jose-Sunnyvale-Santa Clara, Calif. $3,276 $5,701 $2,425 74.0 % 1.6 % -6.0 %
Seattle-Tacoma-Bellevue, Wash. $1,862 $3,882 $2,020 108.5 % 0.4 % -6.7 %
Tampa-St. Petersburg-Clearwater, Fla. $1,655 $2,418 $763 46.1 % -3.9 % -6.2 %
Virginia Beach-Chesapeake-Norfolk, Va.-N.C. $1,559 $1,913 $354 22.7 % 1.9 % -0.1 %
Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va. $2,281 $2,988 $707 31.0 % -0.9 % -10.7 %
Methodology
Rental data as of March 2026 for studio, 1-bedroom, or 2-bedroom units advertised for rent on Realtor.com®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the 50 largest metropolitan areas. Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history stretching to March 2019.
With the release of its March rent report, Realtor.com® incorporated a new and improved methodology for capturing and reporting more comprehensive rental listing trends and metrics. The new methodology is expected to yield a cleaner, more representative and more consistent measurement of rental listings and trends at both the national and local level. The methodology has been adjusted to better represent the true cost of primary housing for renters. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the rental data released since April 2026 will not be directly comparable with previous releases and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology.
About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.
Media contact: Emily Do, press@realtor.com
View original content:https://www.prnewswire.com/news-releases/new-realtorcom-report-renting-is-more-affordable-than-buying-across-all-50-major-us-metros--and-the-savings-gap-could-be-a-path-to-homeownership-302743530.html
SOURCE Realtor.com
