The rent-versus-buy math has flipped in much of America, and the gap is wider than at any point since 2008.
A fresh analysis from Florida Atlantic University's real estate team found that owning costs more than renting in 43 of the 50 largest metro areas—the highest share in over 15 years.
In pricey coastal markets like San Jose, Seattle, and Los Angeles, the premium to buy runs above 50%.
The culprit isn't just home prices, which remain near record highs despite a cooling market.
With 30-year mortgage rates hovering in the low 6% range, a buyer financing a median-priced home now pays hundreds more per month than a renter pays for the same property.
Add property taxes, insurance, maintenance, and HOA fees, and the monthly gap in some metros tops $1,500.
That's why the humble rent-vs-buy calculator has become essential homework for anyone weighing a move.
The good news: you don't need a spreadsheet addiction to run one.
Free tools from NerdWallet, Zillow, and the New York Times ask for a handful of inputs—home price, down payment, mortgage rate, rent, and how long you plan to stay—and spit out a break-even year.
The break-even number is the one that matters most.
It tells you how long you'd need to own before buying comes out ahead of renting and investing the difference.
In expensive metros, that horizon has stretched to seven, eight, even ten years.
In affordable Midwest and Southern markets like Cleveland, Cincinnati, and New Orleans, owning still wins in under three years.
First, opportunity cost: a down payment parked in a house isn't earning returns in the stock market, and calculators that ignore this overstate the case for buying.
Second, maintenance—budget 1% of the home's value annually, more for older houses.
Calculators can't price the security of a fixed housing payment or the freedom to paint your walls.
But they can stop you from stretching into a mortgage that eats 40% of your take-home pay because a lender pre-approved you for it.
Remember: what you qualify for and what you can afford are different numbers.
If you're on the fence, run the calculator with your actual rent and a realistic rate—not the 3% fantasy from 2021.
What happens if rates fall and you refinance?
What if you need to move in three years for a job?
The answer that survives both scenarios is the one worth betting on.
Our take: the calculator isn't a crystal ball, and it shouldn't decide your life.
But in a market this lopsided, running the numbers before you tour open houses is the cheapest financial advice you'll get all year.
Final Thoughts
Renters who invest the difference aren't losing—they may be winning quietly.