Is it cheaper to buy or rent in downtown Boston? New study may surprise you

Rent or buy? For those with a choice, there’s a lot to consider. Renting a Boston apartment doesn’t tie you down, nor does it require a huge down payment. On the other hand, buying a Boston condo can be a profitable long-term investment with tax benefits. And let’s not underestimate the peace of mind that comes from knowing that your home won’t be pulled out from under you by a landlord.

The choice, however, is almost always about money, and in today’s hot Boston real estate market, a lack of available affordable downtown condos and skyrocketing prices have stymied many aspiring buyers. The flip side has been falling rents, especially in cities, where landlords struggle to fill record numbers of vacant apartments by offering rent cuts and concessions. Although rents show signs of recovering, it’s still a good time to sign a lease.

A recent study by LendingTree found that median housing costs were lower for renters than for homeowners with a mortgage in all 50 of the largest U.S. metro areas. The greatest difference between the median rent and the median cost of owning a home with a mortgage was in New York City, at $1,363 a month. San Francisco and San Jose, Calif., were next, with the gap between renting and owning exceeding $1,000.