Deciding whether to purchase or lease a home often comes down to timing and personal readiness, yet the location plays a major role in the economics. Real estate platform Zumper reviewed ownership expenses against rental rates in 83 of the largest US cities and computed price-to-rent ratios to highlight markets that favor buyers over renters and vice versa.

Cities frequently cited for extreme housing costs, such as San Francisco, generally tilt toward renting. Zumper market specialist Crystal Chen noted that rents can still exceed mortgage payments even in pricey metros like New York City.

"High prices and buyer advantages do not always coincide," Chen told Business Insider. "Although New York carries a steep home price tag, it remains relatively favorable for purchasing because rents are substantially higher."

Recent migration shifts have made buying less viable in certain areas. Boise, Idaho, attracted many residents fleeing coastal regions during the pandemic, which widened the gap between purchase prices and rental costs.

"Home values climbed sharply as the city became a pandemic destination," Chen said. "Numerous buyers relocated there and pushed prices upward. Renting remains markedly more affordable."

Those positioned to buy should check whether their current market supports ownership or explore relocating to a more favorable city.

Here are the 10 cities where renting is preferable and the 10 where buying is better, per Zumper data.

Cities Where Renting Makes More Sense

10. Boise, ID

Price-to-rent ratio: 27.816

NAR median house price: $484,000

Monthly homeowner cost (PITI): $2,868

Zumper monthly all-bed rent: $1,450

9. San Francisco, CA

Price-to-rent ratio: 28.655

NAR median house price: $1,350,000

Monthly homeowner cost (PITI): $7,758

Zumper monthly all-bed rent: $3,926

8. Reno, NV

Price-to-rent ratio: 28.958

NAR median house price: $602,900

Monthly homeowner cost (PITI): $3,397

Zumper monthly all-bed rent: $1,735

7. San Diego, CA

Price-to-rent ratio: 31.05

NAR median house price: $1,050,000

Monthly homeowner cost (PITI): $6,026

Zumper monthly all-bed rent: $2,818

6. Portland, OR

Price-to-rent ratio: 32.415

NAR median house price: $585,800

Monthly homeowner cost (PITI): $3,583

Zumper monthly all-bed rent: $1,506

5. Seattle, WA

Price-to-rent ratio: 32.649

NAR median house price: $772,600

Monthly homeowner cost (PITI): $4,547

Zumper monthly all-bed rent: $1,972

4. Salt Lake City, UT

Price-to-rent ratio: 34.863

NAR median house price: $576,500

Monthly homeowner cost (PITI): $3,306

Zumper monthly all-bed rent: $1,378

3. Urban Honolulu, HI

Price-to-rent ratio: 36.717

NAR median house price: $1,175,100

Monthly homeowner cost (PITI): $6,300

Zumper monthly all-bed rent: $2,667

2. Anaheim, CA

Price-to-rent ratio: 47.829

NAR median house price: $1,442,900

Monthly homeowner cost (PITI): $8,216

Zumper monthly all-bed rent: $2,514

1. San Jose, CA

Price-to-rent ratio: 55.049

NAR median house price: $2,030,000

Monthly homeowner cost (PITI): $11,666

Zumper monthly all-bed rent: $3,073

Cities Where Buying Makes More Sense

10. Buffalo, NY

Price-to-rent ratio: 15.631

NAR median house price: $262,600

Monthly homeowner cost (PITI): $1,686

Zumper monthly all-bed rent: $1,400

9. El Paso, TX

Price-to-rent ratio: 14.912

NAR median house price: $272,000

Monthly homeowner cost (PITI): $2,246

Zumper monthly all-bed rent: $1,520

8. Virginia Beach, VA

Price-to-rent ratio: 14.898

NAR median house price: $362,200

Monthly homeowner cost (PITI): $2,260

Zumper monthly all-bed rent: $2,026

7. New Orleans, LA

Price-to-rent ratio: 14.838

NAR median house price: $293,800

Monthly homeowner cost (PITI): $1,854

Zumper monthly all-bed rent: $1,650

6. Rochester, NY

Price-to-rent ratio: 14.836

NAR median house price: $252,800

Monthly homeowner cost (PITI): $1,896

Zumper monthly all-bed rent: $1,420

5. Charleston, SC

Price-to-rent ratio: 14.787

NAR median house price: $459,500

Monthly homeowner cost (PITI): $2,754

Zumper monthly all-bed rent: $2,590

4. Chicago, IL

Price-to-rent ratio: 14.549

NAR median house price: $384,100

Monthly homeowner cost (PITI): $2,726

Zumper monthly all-bed rent: $2,200

3. New York, NY

Price-to-rent ratio: 14.205

NAR median house price: $750,000

Monthly homeowner cost (PITI): $4,594

Zumper monthly all-bed rent: $4,400

2. Pittsburgh, PA

Price-to-rent ratio: 13.033

NAR median house price: $234,600

Monthly homeowner cost (PITI): $1,501

Zumper monthly all-bed rent: $1,500

1. Syracuse, NY

Price-to-rent ratio: 13.033

NAR median house price: $234,600

Monthly homeowner cost (PITI): $1,501

Zumper monthly all-bed rent: $1,500