Map reveals where renters can score up to 77% savings over homeowners in string of US locations

With average US mortgage rates hovering around 6.5% — miles above the 3% bargains of the pandemic — and an inflation rate still above pandemic levels, the math ain’t mathing for homebuyers.And there are some markets — found in affordable Midwestern and Southern towns, as well as pricey West Coast enclaves — where the gap between buying and renting is particularly acute.At the top of the list is the small, upscale residential neighborhood of Wildwood, in Atlanta, where renters save 77.7% over homeowners.Renters in the affluent Buckhead area enclave pay an average of $1,464 per month compared to the $6,577 paid by the average homeowner.That’s according to a new analysis from online lender NetCredit of average rents and monthly homeownership payments across 268 major US cities and 4,241 neighborhoods where rents are capped at $1,500 a month.“Owning in Wildwood is expensive because it’s a small, land-constrained pocket of large, tree-covered lots close to Midtown, with good schools and a walkable park — all things in short supply and high demand, which pushes prices higher,” said Realtor.com economist Jiayi Xu.The rental discount comes because of the massive boom in luxury rental construction in the last few years, combined with a scarcity of housing supply.

Wildwood is cheaper for a rental than neighboring big cities because it’s still “an up-and-coming area” and the neighborhood is very suburban without a lot of amenities, according to Brandon Anderson, an Atlanta-based Compass agent.While there is a local Target, it would take 20 minutes to get to a Costco, he said.Next up is Omaha, Nebraska’s Western Hills neighborhood, where the average monthly rent of $913 saves tenants 74.9% from the $3,634 monthly cost of homeownership.

This sharp divide is fueled by a surge in newer, luxury-leaning homes in the area.“That lower rent [in Omaha] makes renting a notably more budget-friendly option compared to owning,” Xu said.Meanwhile, Texas dom...