The housing market exploded since the pandemic set in last year. The housing supply withered and living patterns shifted. Home prices boomed at an unprecedented pace while borrowers tried to take advantage of rock-bottom mortgage rates.

The 2021 housing marketplace started off white-hot and consumers must weigh the lifestyle economics between buying or renting. However, some metro areas offer better opportunities to prospective shoppers, especially as interest rates hover near 3% and combine with the Biden Administration’s efforts to help first-time home buyers.

Of the top 50 U.S. housing markets, 15 provide cheaper monthly payments for the median home compared to renting a similar property, according to a Realtor.com report.

“This is encouraging news for the millions of millennials who are approaching peak homebuying age and may be considering shopping for a home this spring," Realtor.com chief economist Danielle Hale said in the report. "With interest rates expected to rise over the coming months, buyers may need to act sooner rather than later to take advantage of today's affordability or be prepared to adjust their target purchase price."

Realtor.com based its analysis of the 50 largest metros by total households. Monthly purchasing costs assumed a 30-year fixed-rate mortgage with a 20% down payment and included taxes and insurance. A monthly buy versus rent ratio under 100% means it’s more advantageous for consumers to purchase.

From the Keystone State to across the Rust Belt, local lenders in the top 12 cities where it’s cheaper to buy discuss what uniquely drives the current affordability in their respective markets.