How long you have to live in 15 major US cities to make buying a home worth your money

SmartAsset

Should you rent or buy a home?

If you're living in a major city, chances are the housing market is competitive — and with higher prices, fees, and closing costs, it may not make sense to buy unless you're staying put for several years.

To give you an idea of just how long you have to stay in a city for it to be worth your money to buy, personal finance site SmartAsset calculated the breakeven point — the point at which the total costs of renting become greater than the total costs of buying — for 29 major cities.

SmartAsset compared the total costs of buying and renting for a household earning $100,000 a year. For the buying scenario, the research team assumed a mortgage rate of 4.5%, closing costs of $2,000, and a down payment of 20%.

Read the full methodology.

A shorter time to break even means it's a better place to buy soon.

Read on to see how long it would take to break even in 15 major US cities cities. We've also included the average monthly mortgage payment, monthly rent, and home price, from SmartAsset's report:

15. Pittsburgh

Average monthly mortgage payment: $560

Average monthly rent: $1,069

Average home price: $138,235

Breakeven year: 4.3

14. Denver

Average monthly mortgage payment: $1,114

Average monthly rent: $1,504

Average home price: $274,835

Breakeven year: 5.4

13. Phoenix

Average monthly mortgage payment: $1,122

Average monthly rent: $1,410

Average home price: $276,744

Breakeven year: 5.7