Amarillo, Texas: Renting Vs. Buying A Home – Study Breaks Down The Numbers

Getting into a new home in Amarillo, Texas can be a bit tricky. It doesn't take an economist to see that prices are high no matter if you're renting or buying. With the price of everything on the rise, finding an affordable place to call home is a big concern for many. So, when it comes to Amarillo, is it cheaper to buy or rent a home?

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New Study Determines Whether It's Cheaper To Rent Or Buy In Amarillo

A new study done by Construction Coverage took a look at cities across the country in an attempt to see if it is cheaper to buy or rent a home. Their findings were pretty interesting.

First, their study has Amarillo ranked in the top 15 cheapest midsize cities for buying a home. That means that even if it's cheaper to rent, we're still not doing too bad when it comes to buying a home; at least when you compare us to everyone else in our "weight class."

Second, they found that the difference between renting and buying in Amarillo really isn't that big. The averages for both come out to be pretty close.

Amarillo, Texas: Should You Rent Or Buy A Home?

According to the results of the study that was done, only 28 out of 338 cities looked at were cheaper for buyers than renters. Not necessarily the best news for home buyers who like to pinch the life out of pennies, I suppose.

When it comes to Amarillo specifically, we aren't one of those 28. It's cheaper to rent than buy. Interestingly enough, it isn't by much.

They found that the average mortgage in Amarillo is around $1,448. The average rent in Amarillo is around $1,374. That's a difference of $74. Still, both figures make my eyes water.

Is it cheaper to rent than buy in Amarillo? Technically, yes. However, it isn't by much.