Housing affordability remains a challenge for buyers and renters across the United States, and a new analysis has identified seven metro areas where conditions make renting significantly more affordable than purchasing a home.

An Apartments.com analysis pinpointed Austin, Texas; Sacramento, California; Denver, Colorado; Portland, Oregon; Baltimore, Maryland; Salt Lake City, Utah; and Orlando, Florida as markets where the average monthly rent is noticeably lower than the median monthly mortgage payment.

Austin and Sacramento top the list, and the two share the distinction of having average rents that run more than $1,000 below median monthly mortgage payments. Austin's median monthly mortgage payment is $2,475, while the average monthly rent is $1,421 — a difference of $1,054. In Sacramento, the median monthly mortgage payment is $2,621 compared with an average rent of $1,579 per month, giving renters a $1,042 affordability edge. In both markets, the gap adds up to more than $12,000 over the course of a year. The pattern extends beyond these two metros: with 30-year mortgage rates running well above their pandemic-era lows and home prices near record highs in much of the country, rent-versus-buy comparisons from other housing data providers have similarly found renting cheaper than buying in a majority of large U.S. markets in recent years.

Dillar Schwartz, an eXp real estate agent based in Austin, told FOX Business in an interview that the housing market in central Texas remains very active for both homebuyers and renters.

"We have seen an uptick in rental leads and rental inquiries, and right now, they're across the board. They're relocating, they're wanting to try different subdivisions. They're moving here for work, and there's not one big industry that's moving people here," Schwartz said.

On the buying side, she said she is seeing more first-time homeowners come through. "We're seeing a lot of the renters who inquired, and we helped find homes about two years ago, they're now working on getting into homeownership," she explained, noting that there is a "really nice mix of sellers" with listings across price points.

"There's a nice blend. However, I feel like this blend didn't happen until about four or five months ago – there were a lot of people just on the sidelines," she added.

For prospective homebuyers and renters eyeing the Austin area, Schwartz said one of the first questions her practice asks is how much in cash reserves home shoppers have available, given the costs involved.

"Right now, due to Texas insurance, property taxes and the rates being high, the cost right out the gate to get in a home without even discussing a down payment is fairly high, and that trickles into the monthly payments," Schwartz said.

She noted that although prices in Austin have fallen, those costs are "really starting to shock buyers once they have that conversation with a lender." And while rental rates are also lower, renters can still face a financial hurdle when trying to get into an apartment.

For an apartment renting at about $2,000 a month, Schwartz said a prospective renter would need to cover not only the first month's rent but also a deposit of around $2,000, plus application fees and background checks that may run around $100 per person.

"When you add all of those costs, the average renter is going to need about $5,000 cash as well to make that move," she said, noting that the total can jam up consumers in certain situations.

Across most of central Texas, which her practice covers, Schwartz said, "we can find you a place that's a little bit more affordable to rent than to purchase right now."

The Austin real estate market has solid levels of housing inventory available for would-be homebuyers and renters alike, and the region has taken steps in recent years to ease regulatory barriers to increasing the supply of housing. Schwartz said the city recently added a new position to its permitting department aimed at expediting the process for homebuilders and people flipping homes, and it is allowing more infill development on lots to boost the number of homes. Austin has also ranked among the busiest U.S. apartment-construction markets in recent years, a supply surge that analysts have cited as a factor in softening rents across the metro. For households tracking the trade-off, the same inputs behind the analysis — mortgage rates, insurance and property tax costs, and the supply of homes and apartments — are the variables that will shape whether the rent-versus-buy gap narrows or widens going forward.

"In Austin right now, if you truly do need to buy a home and want to invest in yourself and start building that wealth, all it takes is time and patience by working with a true professional – there are deals out there," Schwartz said.

The same holds true for renting, she added, noting that demand remains strong and that renters still need cash available to get into a property.

"The opportunity is there. The Austin market just takes a little bit more time and patience to navigate," she said.