(NewsNation) — With mortgage rates falling, monthly home payments are now less expensive than rent in nearly half of the nation’s largest metros, according to a new analysis.

Zillow found that it’s cheaper to buy than rent in 22 of the 50 largest U.S. metros, with homeowners in some cities saving over $400 a month.

In 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.

That statement is truer today than it has been in recent years. At 6.09%, the average 30-year fixed mortgage rate is at its lowest since Sept. 2022. The Federal Reserve’s Wednesday rate cut could send mortgage rates down further and potentially trigger a surge in refinancing.

Inventory has also improved recently — up 22% compared to a year ago, Zillow found.

The changing market conditions are a win for buyers who, until recently, have faced a perfect storm of record-high prices, elevated mortgage rates and low supply.

With buyers gaining bargaining power, more than one in four sellers have cut prices, per Zillow.

There is one major caveat, Divounguy noted: Down payments remain “a huge barrier” for many families.

A separate Redfin report found that homebuyers are putting down more money than ever to soften the blow of elevated mortgage rates. In two California cities, San Francisco and San Jose, the typical down payment is north of $400,000.

Zillow’s analysis compared monthly mortgage payments to rent, so down payments weren’t factored in. The cost of home insurance and property taxes were also left out.

The 22 U.S. metros where mortgage payments are lower than rent, according to Zillow.

The dollar figure refers to how much cheaper the typical mortgage payment is compared to the typical rent each month.

1. New Orleans, LA: $446
2. Chicago, IL: $434
3. Pittsburgh, PA: $321
4. Miami, FL: $314
5. Memphis, TN: $290
6. Cleveland, OH: $265
7. Detroit, MI: $213
8. Tampa, FL: $191
9. Oklahoma City, OK: $188
10. Houston, TX: $182
11. Birmingham, AL: $153
12. Indianapolis, IN: $152
13. St. Louis, MO: $139
14. Louisville, KY: $89
15. Cincinnati, OH: $81
16. Orlando, FL: $81
17. New York, NY: $72
18. Hartford, CT: $70
19. San Antonio, TX: $66
20. Philadelphia, PA: $24
21. Virginia Beach, VA: $10
22. Buffalo, NY: $8