Is it cheaper to rent or buy property?

For years new homebuyers in America have enjoyed lower housing costs than renters. Between 2011 and 2020 the monthly mortgage payment on a typical home was 12% lower than the rental for a similar property (assuming a deposit of 13%, the current national average). A steady rise in home values, worth roughly 7% a year over the past decade, also ensured that buyers built equity in their homes. But, as our maps below show, today the choice between buying and renting looks different.