The average U.S. renter paid $1,066 less per month than the typical homebuyer in August, according to a recent Zillow report.

The home listings company found that the average rent was $1,948 in August, while the typical mortgage payment, which includes taxes and insurance, totaled $3,014. The difference between the two is $1,066. The potential savings for renters amounts to an averaged of $12,792 per year.

The gap between renting and buying has continued to widen in the past six months. The monthly cost of buying a home jumped $140 during that period, while the average cost of renting rose only $32.

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Zillow points out that renters who can invest the savings and earn at the rate of August’s average 10-year Treasury yield of 4.68% would earn an additional $322 in the first year alone. Assuming rents and homebuying costs remain stable, the average renter could save $72,000 over five years. That amount would be even higher if renters invested the money.

The savings for renters is highest in expensive coastal markets, such as San Jose, Calif., where renters pay an average of $3,815 a month but homeowners face an average mortgage payment of $11,698 a month. That leaves a gap of $7,883 per month, and an annual savings of $94,596.

But even people who don’t live in high-priced communities will still save sizeable amounts by renting instead of buying. The city with the lowest gap between renting and buying among the largest 50 metropolitan areas analyzed by Zillow was Pittsburgh. There, renters paid an average of $1,469 a month and homeowners paid an average mortgage of $2,005 a month, resulting in a monthly gap of $536 and annual savings of $6,432.

Birmingham, Ala., had the next smallest gap, with renters paying an average of $1,433 and homeowners paying an average mortgage of $2,101, creating a monthly gap of $668 and annual savings of $8,016.

Other aspects of homeownership that potential buyers often don’t take into account are the hidden costs of owning a home, such as closing costs, property taxes, home maintenance and insurance. A new analysis from Zillow and Thumbtack shows these costs add up to an average of $15,979 per year nationwide.

But those costs vary across the country, with New York City homeowners paying an average of $24,381, while San Francisco homeowners pay an average of $22,781 and Boston homeowners pay $21,320.

“The idea that renting is a consolation prize is outdated. When mortgage costs are running hundreds of dollars more per month than rent, renters who are intentional about saving and investing the difference are often making a sound financial decision,” said Mischa Fisher, chief economist at Zillow, in a press release.

“Finances are just one piece of the puzzle,” Fisher added. “Those weighing their options should also consider the lifestyle differences, such as the flexibility to move more often as a renter or stable payments year after year as an owner.”