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A monthly mortgage payment is less expensive than rent in 22 of the nation’s 50 largest metros, according to new data from Zillow (NASDAQ: Z, ZG).

The new data determined the typical rent payment nationally is $2,063 a month while the typical mortgage payment is $1,827. New Orleans, Chicago and Pittsburgh offered the greatest savings when comparing the cost of rent to a mortgage payment (prior to including taxes and insurance) while assuming a buyer can put 20% down.

Zillow attributed the latest statistics to declining mortgage rates.

“This analysis shows homeownership may be more within reach than most renters think,” said Zillow Home Loans Senior Economist Orphe Divounguy. “Coming up with the down payment is still a huge barrier, but for those who can make it work, homeownership may come with lower monthly costs and the ability to build long-term wealth in the form of home equity – something you lose out on as a renter. With mortgage rates dropping, it’s a great time to