Almost everywhere in the U.S., it's cheaper to rent a home than to buy.
But in select cities, homeowners come out ahead, thanks to a low cost of living and favorable housing market.
To find the places where owning is cheaper than renting, financial services site SmartAsset gathered data on the average rent and home prices in the 100 largest metro areas in the US. The data, which SmartAsset shared with CNBC, compares the total costs of buying and renting a typical home in each metro area for a household earning $100,000 a year.
For the "buy" scenario, SmartAsset made the following assumptions: a 4.5 percent mortgage rate, closing costs of $2,000, and a 20 percent down payment.
The cities that made the cut can be found exclusively in the South and Midwest, which is unsurprising considering that those regions typically rank among the least expensive places to live in the country.
Read on to see the top 10 cities where it's cheaper to buy than rent.
10. Omaha, Nebraska
Average monthly mortgage payment: $583
Average monthly rent: $1,255
Average home price: $250,822
Years needed to break even: 1.63
9. New Orleans
Average monthly mortgage payment: $648
Average monthly rent: $1,276
Average home price: $235,127
Years needed to break even: 1.59
8. Baton Rouge, Louisiana
Average monthly mortgage payment: $561
Average monthly rent: $1.127
Average home price: $216,308
Years needed to break even: 1.58
7. Cincinnati
Average monthly mortgage payment: $544
Average monthly rent: $1,167
Average home price: $220,633
Years needed to break even: 1.49
6. Columbia, South Carolina
Average monthly mortgage payment: $460
Average monthly rent: $1,202
Average home price: $189,787
Years needed to break even: 1.47
5. Gary, Indiana
Average monthly mortgage payment: $558
Average monthly rent: $1,136
Average home price: $205,163
Years needed to break even: 1.34
4. Tulsa, Oklahoma
Average monthly mortgage payment: $449
Average monthly rent: $1,093
Average home price: $174,697
Years needed to break even: 1.34
3. Greenville, South Carolina
Average monthly mortgage payment: $485
Average monthly rent: $1,008
Average home price: $175,235
Years needed to break even: 1.33
2. Louisville, Kentucky
Average monthly mortgage payment: $575
Average monthly rent: $1,126
Average home price: $225,826
Years needed to break even: 1.29
1. Little Rock, Arkansas
Average monthly mortgage payment: $496
Average monthly rent: $1,146
Average home price: $196,120
Years needed to break even: 1.26
