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... n New Orleans, buyers can save nearly $450 a month paying a mortgage rather than renting " the best margin of any major metro.

Chicago was second on the list, where the typical mortgage payment is $1,640 per month, $434 less than rent. Pittsburgh homeowners can also save money by not renting, about $321 a month.

Nationally, the typical rent payment is $2,063 a month " $236 more than the typical monthly mortgage payment of $1,827.

Zillow's report assumed a 20% down payment, a 6.5% interest rate and a 30-year fixed-rate mortgage.

"This analysis shows homeownership may be more within reach than most renters think," said Zillow Home Loans Senior Economist Orphe Divounguy. ...