A new analysis by LendingTree has found that renting is cheaper than owning a home in New Orleans, one of the widest gaps among large U.S. cities. The median monthly gross rent in New York City was $1,262 in 2024, according to the latest available census data. This is a 60% increase from the previous year's average for mortgaged homes. Meanwhile, homeowners with a mortgage now pay about 37% more per month than renters. This disparity may lead to more homebuyers to consider moving elsewhere. The study also revealed that Louisiana consistently ranks among the most expensive states for insurance.