It’s cheaper to rent than buy

(CNN)– While homebuyers seem to have an advantage in the housing market these days, renting may be the smarter move.

A new study from Lending-tree found that homebuyers in the U.S. are paying nearly 37% more than renters each month.

That difference is greater in some cities like San Francisco, California, Bridgeport, Connecticut, and New York City where mortgages can run between $3,200 to $4,000 plus each month.

Renting in those cities is close to $1600 cheaper per month.

On the other side of the spectrum, cities like Phoenix, Arizona, Orlando, Florida, and Columbia, SC have a small gap between rent and mortgage costs.