Renting costs a lot less than buying a home, especially in the West

Salt Lake City ranks fifth in the U.S. for the rent-buy cost gap, with renting at $1,680 monthly and buying at $3,197, making buying 90.4% more expensive. Nationwide, renting is cheaper as mortgage payments rise while rents decline or stabilize. The largest gaps are in Western cities like San Francisco and San Jose. In contrast, Rust Belt cities show much smaller rent-buy disparities.