Renting is 40% cheaper than owning a San Diego home
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Renting is cheaper than owning a home in San Diego and the 99 other largest U.S. metro areas, according to a LendingTree analysis.
Why it matters: Housing costs have soared nationwide, with stubbornly high home prices and mortgage rates weighing on would-be buyers.
Zoom in: Homeowners with a mortgage now pay nearly 40% more per month than renters do in San Diego, researchers found.
- That's slightly higher than the 37% average nationwide, but lower than San Francisco (64%) and Los Angeles (54%).
- San Diego's median monthly gross rent was nearly $2,336 in 2024, based on the latest available census data, compared to over $3,243 a month for mortgaged homes.
Meanwhile, homeowners in San Diego need to earn $135,000 more than renters to afford their monthly housing payments.
The big picture: In 22 of the 100 largest metros, owning costs at least 50% more each month than renting, including utilities, fees and taxes, per LendingTree.
- The biggest percentage differences are in Northeastern metros, led by New York (76%), while San Francisco posted the largest dollar difference at nearly $1,600.
- Nationally, the gap between rents and mortgage payments widened from the year before as homeownership costs rose faster than rents.
What they're saying: "The cost disparity here could be enough to convince someone that they'll never be able to own a home in some areas, and — unfortunately — they may be right," said Matt Schulz, LendingTree's chief consumer finance analyst, in a statement.
- Homebuyers may have to move to another city to find a place within reach, he says.
What we're watching: President Trump has proposed a raft of policies meant to lower mortgage rates and boost home-buying demand.
- But making housing more affordable is easier said than done.