Many renters believe they save money by renting, but in many major cities, monthly mortgage payments are less than average rents, with significant savings potential.
In cities like Chicago and New Orleans, typical monthly mortgage payments are significantly lower than rents, bringing potential savings of up to $446 a month for homeowners.
Despite rising home prices, the mortgage payment trend shows affordability compared to rent, with buyers gaining bargaining power due to increased inventory and price cuts.
According to Zillow Home Loans, while down payments represent a barrier, opportunities for homeownership exist, making it a more accessible option than many renters realize.
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