People who own their homes are almost £500 per year better off than renters, according to the latest Halifax Owning vs Renting Review.
The analysis compares housing costs for first-time buyers (FTB) with a mortgage on a three-bed home to the average monthly rent for a similar property.
It found homeowners are typically spending £971 per month on things like mortgage payments, funding a deposit, household repairs and maintenance and insurance. This compares to the £1,013 paid by renters, who have to find an additional £42 per month.