Is it better to rent or buy? New LendingTree data suggests renting may be the more affordable option.The median monthly gross rent payment in the U.S. is $1,487, while homeowners pay about 36.9% more on average, according to Len dingTree. The typical monthly mortgage payment is $2,035.LendingTree said the gap between rent and mortgage payments widened by about $500 between 2023 and 2024. While costs vary by area, there isnt a single metro among the nations 100 largest where renting is more expensive than owning.In Bridgeport, Connecticut, buyers pay about $1,565 more per month than renters. In Phoenix, the difference is just $184.Although renting generally costs less and avoids the upkeep expenses of homeownership buying has long-term benefits. Putting money toward a mortgage can help build equity, but that depends largely on how long you stay in the home.RELATED STORY | Economists warn Trump's $200B mortgage move could backfire, lifting home pricesThe equity you can build in a home you own can provide valuable financing options in the future for things like a home remodel, starting a business or knocking down high-interest debt, said Matt Schulz, LendingTrees chief consumer finance analyst. To reap all of these benefits, you likely need to stay in the home for more than a few years. But it can pay off if thats your plan.Schulz noted that higher interest rates have discouraged both first-time buyers and current homeowners from purchasing. For those who already own and want to upgrade, many feel locked in to their lower-rate mortgages.Theyre choosing not to buy a new home because theyre reluctant to trade their current low-rate mortgage for one at todays higher rates, Schulz said. Some people are even becoming resigned to the fact that theyll never be able to own a home. That sort of decision has massive ramifications, not just for individuals but for the economy as a whole. Unfortunately, however, that doesnt seem likely to change anytime soon.RELATED STORY | Are manufactured homes the key to homeownership?LendingTree offered a few tips for renters who are considering buying a home: Control what you can control. Understand your priorities. Build a realistic timeline and stick to it. ...read more read less