Despite shifting interest rates, renting a home in Fresno is still cheaper than

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It could be hard to believe, but it might be cheaper to rent a home in Fresno than it is to buy one.

According to a study from Construction Coverage, a construction industry research and review platform, it costs Fresno residents more to buy a home than it is to rent one.

Out of the 338 U.S. cities included in the analysis, only 28 of them are currently more affordable for buyers than renters—Fresno is not one of them.

The median monthly mortgage payment in Fresno is $2,521, while the median monthly rent is $1,785, according to the report.

Residents in Fresno are paying 41.3% more to buy a home versus renting one, making it more affordable for renters than homebuyers.

For years the typical monthly costs of buying a home after accounting for sales prices, mortgage rates, and property taxes were below the costs of typical rents in the U.S.

Even when home prices increased in the competitive home market in 2020 and 2021, low federal interest rates still made buying a home more affordable.

However, beginning in 2022, high home prices and high interest rates tilted the scales in favor of renting.

As of November 2023 the typical monthly mortgage payment for a home in the U.S. was more than 22% higher than the typical monthly rent.

The top 10 cheapest large cities for homebuyers are:

1. Detroit, MI
2. Cleveland, OH
3. Memphis, TN
4. Baltimore, MD
5. Philadelphia, PA
6. Chicago, IL
7. New Orleans
8. Tulsa, OK
9. El Paso, TX
10. Oklahoma City, OK

The top 10 most expensive cities for homebuyers are:

1. San Jose, CA
2. Seattle, WA
3. San Francisco, CA
4. Long Beach, CA
5. Los Angeles, CA
6. Austin, TX
7. Oakland, CA
8. San Diego, CA
9. Portland, OR
10. Denver, CO