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While prices continue to rise in New England, owning a home might be more affordable than renting for some.

According to a new Zillow analysis, a monthly mortgage payment is now less expensive than rent in 22 of the 50 largest U.S. metros, including Greater Hartford. While less expensive, the savings are minimal with the average mortgage ($1,846) being just $66 cheaper than the average rent.

According to mortgage-buyer Freddie Mac, the average 30-year mortgage rate fell to 6.35 percent at the end of August as bond investors anticipated a Federal Reserve rate cut.  That figure has fallen further in the last two weeks, landing at 6.2 percent for the seven days ending Sept. 12, the most recent data available. Rate drops in August pushed the typical Boston rent down by 3.3 percent, Zillow economists previously reported.

Compare that to Greater Boston, where the average mortgage payment is $3,520 which is $467 more than the average rent, Zillow said. The largest difference in those two figures can be found in New Orleans where a typical mortgage ($1,206) is $446 cheaper than renting.

“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 see how your affordability has changed and if it makes more sense to buy than rent.”

Similar to home prices, the cost of renting continues to increase. The typical rent is 3.4 percent Zillow observed in listings on its platform and on MLS services more expensive than a year ago and nearly 34 percent more expensive than before the pandemic.