Why Renting Might Be Smarter Than Buying In Amarillo, Texas

Finding a place to live is more stressful than ever. Whether you're trying to buy a house or looking for a place to rent, one of the biggest problems you'll face is the cost. Which is cheaper in Amarillo, Texas, renting or buying?

Is It Cheaper To Buy A House Or Rent In Amarillo, Texas?

For years, many of us talked about how much cheaper it was to buy a house than rent. We all knew more than one person who was paying less on their mortgage than we were on rent every month.

READ MORE: Is It Cheaper To Buy Eggs Or Raise Chickens In Texas?

That all changed in the past few years. According to the experts at Construction Coverage, rising interest rates and home prices started to change the truth behind those assumptions. In Amarillo, it's currently cheaper to rent than own a home.

According to their research, the average monthly mortgage payment is $1,395, while the average rent is $1,368. That 2% difference is enough to make Amarillo the 14th cheapest city for homeowners in midsize cities across the US.

This Year Marks A Return To Homeowners Paying More Than Renters

Amarillo, Texas, isn't the only place where it's cheaper to rent than to own your home. It's a trend across the US. The jump in the price of homeownership has led to an eye-watering difference between owning in renting.

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On average, across the US, it is 21% more expensive to own than to rent your home. Amarillo is fortunate. It's only 2% more expensive to own a home in Yellow City. At least there's some kind of good news.

No matter how you slice it, if you're renting or buying, putting a roof over your head is expensive. It's anxiety-inducing when you take into account prices for everything going up right now. Hopefully, we will find some kind of relief soon.