30 Cities Where Starter‑Condo Payments Are Cheaper Than Rent
If you can swing the down payment, buying a home can still beat renting -- sometimes by a staggering margin.
A new analysis from MoneyLion finds that in several United States cities, monthly mortgage payments on a starter condo cost far less than local rents. So in addition to building equity and avoiding potential rent spikes, buyers in these locales can hold onto a lot more of their money each month.
Find Out: How Much House Can You Really Afford? The Answer May Shock You
Read More: 5 Signs You’re Losing Money Every Month — and How To Find the Leaks
There are some communities where average rents are sky-high due to high demand, low vacancy rates, high property taxes passed on by landlords and proximity to big cities and/or coastal areas. In affluent communities like West Long Branch and Margate City in New Jersey, along with Southampton in New York, average rents range from $23,000 to $45,000 … a month.
Compare that to average monthly mortgage payments: $2,798 in West Long Branch, $6,399 in Southampton and $3,253 in Margate City. The differences aren’t as dramatic in other locations, but MoneyLion has leveraged data from Zillow and the Federal Reserve to identify 27 other spots where average rents top average mortgage payments.
Key Findings
Luxury destinations dominate the top of the list. In addition to West Long Branch, Southampton and Margate City, MoneyLion’s top 10 includes places like Aspen, Colorado (monthly mortgage nearly $10,000 below monthly rent) and California cities like Malibu ($9,600 difference) and Del Mar ($6,400).
Cheaper mortgage payments can also be found in some middle-income communities like Dolton, Illinois, and Florida cities like Westview and Miami Gardens (all around $1,800 cheaper each month).
Florida is the most-represented state in MoneyLion’s list, led by Siesta Key (about $3,000 difference) and Pinecrest ($2,800).
Median annual incomes in the 30 cities range from $58,000 (Westview and Dolton) to $250,000-plus (Mantoloking, New Jersey, and Highland Park, Texas).
Average values for single-family homes range from $75,000 in Dolton to just shy of $1.7 million in Del Mar and Snowmass Village, Colorado.
Here’s a look at all 30 cities, ranked by how much cheaper a mortgage is.
1. West Long Branch, New Jersey
Monthly rent: $44,500
Monthly mortgage: $2,798
Difference: $41,702
Average home value: $512,419
Median income: $114,271
2. Southampton, New York
Monthly rent: $37,027
Monthly mortgage: $6,399
Difference: $30,628
Average home value: $1,172,057
Median income: $214,032
3. Margate City, New Jersey
Monthly rent: $22,833
Monthly mortgage: $3,253
Difference: $19,580
Average home value: $595,825
Median income: $121,800
4. Aspen, Colorado
Monthly rent: $17,917
Monthly mortgage: $8,254
Difference: $9,662
Average home value: $1,511,837
Median income: $74,033
5. Malibu, California
Monthly rent: $16,255
Monthly mortgage: $6,644
Difference: $9,611
Average home value: $1,216,826
Median income: $194,421
6. Mantoloking, New Jersey
Monthly rent: $13,000
Monthly mortgage: $4,038
Difference: $8,962
Average home value: $739,672
Median income: $250,000+
7. Del Mar, California
Monthly rent: $15,583
Monthly mortgage: $9,231
Difference: $6,352
Average home value: $1,690,714
Median income: $199,152
8. Ventnor City, New Jersey
Monthly rent: $7,833
Monthly mortgage: $2,181
Difference: $5,652
Average home value: $399,487
Median income: $68,671
9. Hampton Bays, New York
Monthly rent: $8,296
Monthly mortgage: $3,207
Difference: $5,089
Average home value: $587,424
Median income: $134,216
10. Snowmass Village, Colorado
Monthly rent: $12,750
Monthly mortgage: $9,141
Difference: $3,609
Average home value: $1,674,336
Median income: $102,959
11. Spring Lake, New Jersey
Monthly rent: $7,433
Monthly mortgage: $4,068
Difference: $3,365
Average home value: $745,107
Median income: $215,625
12. Tenafly, New Jersey
Monthly rent: $5,800
Monthly mortgage: $2,719
Difference: $3,081
Average home value: $497,955
Median income: $208,200
13. Siesta Key, Florida
Monthly rent: $6,823
Monthly mortgage: $3,769
Difference: $3,054
Average home value: $690,299
Median income: $115,854
14. Pinecrest, Florida
Monthly rent: $4,411
Monthly mortgage: $1,570
Difference: $2,840
Average home value: $287,644
Median income: $206,417
15. Great Neck, New York
Monthly rent: $5,011
Monthly mortgage: $2,458
Difference: $2,554
Average home value: $450,128
Median income: $137,981
16. Parkland, Florida
Monthly rent: $4,811
Monthly mortgage: $2,463
Difference: $2,348
Average home value: $451,076
Median income: $198,669
17. Hempstead, New York
Monthly rent: $3,791
Monthly mortgage: $1,573
Difference: $2,218
Average home value: $288,063
Median income: $90,420
18. Highland Park, Texas
Monthly rent: $7,256
Monthly mortgage: $5,086
Difference: $2,170
Average home value: $931,541
Median income: $250,000+
19. North Tustin, California
Monthly rent: $5,750
Monthly mortgage: $3,616
Difference: $2,134
Average home value: $662,364
Median income: $177,351
20. Narberth, Pennsylvania
Monthly rent: $3,575
Monthly mortgage: $1,616
Difference: $1,959
Average home value: $296,040
Median income: $123,977
21. Weston, Florida
Monthly rent: $3,592
Monthly mortgage: $1,720
Difference: $1,872
Average home value: $314,975
Median income: $139,825
22. Westview, Florida
Monthly rent: $2,938
Monthly mortgage: $1,086
Difference: $1,852
Average home value: $198,849
Median income: $57,563
23. Dolton, Illinois
Monthly rent: $2,213
Monthly mortgage: $410
Difference: $1,803
Average home value: $75,139
Median income: $57,887
24. Delray Beach, Florida
Monthly rent: $2,737
Monthly mortgage: $936
Difference: $1,800
Average home value: $171,502
Median income: $82,041
25. Miami Gardens, Florida
Monthly rent: $2,756
Monthly mortgage: $964
Difference: $1,792
Average home value: $176,544
Median income: $63,627
26. Hobe Sound, Florida
Monthly rent: $3,028
Monthly mortgage: $1,261
Difference: $1,767
Average home value: $230,907
Median income: $63,484
27. Altadena, California
Monthly rent: $4,275
Monthly mortgage: $2,522
Difference: $1,753
Average home value: $461,883
Median income: $128,720
28. Truckee, California
Monthly rent: $4,904
Monthly mortgage: $3,186
Difference: $1,718
Average home value: $583,573
Median income: $130,462
29. Cooper City, Florida
Monthly rent: $3,641
Monthly mortgage: $1,931
Difference: $1,710
Average home value: $353,641
Median income: $132,319
30. Lighthouse Point, Florida
Monthly rent: $2,664
Monthly mortgage: $954
Difference: $1,710
Average home value: $174,677
Median income: $92,135
Methodology: For this study, MoneyLion analyzed cities across the U.S. to find places where buying a starter condo is cheaper than renting when it comes to monthly payments. Using the Zillow Observed Rental Index and the Zillow Home Value Index, the average rent and the average home value for condos for February 2026 were identified. Assuming a 10% down payment and using the national average 30-year fixed mortgage rate (sourced from Federal Reserve Economic Data), the average mortgage was calculated for each city. Cost-of-living indexes were sourced from Sperling's BestPlaces for each city, and using the national average expenditure costs for all households (sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for all consumer units), the average expenditure cost was calculated for each city. The livability index was sourced from AreaVibes and included as supplemental information. The difference between the cost of rent and the cost of a mortgage was calculated for each city, and the cities were sorted to show the places where owning a condo is cheaper than renting in terms of monthly payments. All data is up to date as of March 17, 2026.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
More From MoneyLion:
Discover a Smarter Way to Keep Unexpected Expenses From Derailing Your Budget
The New Middle-Class Trap: Making $100K but Living Paycheck to Paycheck