Homeownership is still considered a benchmark of the American Dream, despite the fact that the costs outweigh those of renting in most of America’s largest cities. A new report from Point2Homes illustrates just how much living space a person must give up to make the switch from renting to owning while maintaining the same housing budget.

The real estate analysis company calculated how much living space the average renter could afford, assuming a 20% down payment and no change to their monthly budget. Renters could afford the most square footage in Midwest and East Coast cities like Detroit, Philadelphia, Cleveland and Baltimore.

In 63 of the cities Point2 analyzed, though, prospective buyers would be able to afford 1,000 square feet or less for a mortgage equal to their monthly rent. In Seattle, for example, the average monthly rent is about $2,233. In order to afford monthly mortgage payments, property tax and home insurance equal to that amount, Seattlites can only afford a home valued around $354,000. With a median price-per-square foot of $578, that means the most space would-be homeowners can afford is 613 square feet.

While that’s a somewhat disappointing “upgrade,” space is even more limited in the California metros of Fremont, San Francisco and San Jose. Renters in these areas could afford less than 600 square feet of space by opting for a mortgage equal to their current rent.

via Point2Homes