Mortgage Advice Bureau (MAB) found that 47% of renters said they would buy straight away if mortgage payments matched what they pay in rent.
Monthly costs were a big factor, with 31% saying paying the same or less than rent was one of their main reasons for wanting to buy.
Many renters believed buying cost much more each month compared to renting.
Only 17% said they preferred renting for the flexibility, showing most see it as a short-term option due to affordability worries.
41% of renters wanted the freedom to decorate or own pets, while 37% were interested in building long-term wealth.
MAB said monthly affordability was a key barrier for many, with buyers putting off the decision to buy as they did not think homeownership was manageable compared to renting.
The firm said more awareness of mortgage payments being similar to rent could encourage more renters to consider buying.
Rachel Geddes, strategic lender relationship director at MAB, said: “For many renters, the key calculation is no longer just the deposit – it’s whether the monthly mortgage payment could match what they already pay in rent.
“What we’re seeing is a shift in mindset, with buyers increasingly focused on their monthly outgoings and whether homeownership feels manageable in the context of their current finances.
“Without clear comparisons between renting and owning, it’s easy for many to assume that buying is out of reach.”
Geddes added: “Digital tools such as our affordability calculator can help give buyers a clearer idea of what they may be able to borrow and what their monthly payments could look like.
“With the support of an expert mortgage adviser, understanding what’s possible – particularly in terms of monthly costs – can be the difference between holding off and taking that first step onto the property ladder.
“For many, that clarity could be the ‘sign’ they’ve been waiting for to kickstart their homebuying journey.”
Carlo Pileggi, head of mortgage products at Nationwide, said: “As this research shows, when renters realise that mortgage payments could be comparable to what they already pay each month, homeownership can suddenly feel achievable – and renters might be surprised at how much they can borrow and how the monthly costs compare to their rent.
“At Nationwide, we’ve continually focused on giving first time buyers a helping hand to tackle the affordability challenge.
“By enabling prospective homeowners to borrow more, we’ve been able to help them turn long-held homeownership aspirations into a realistic and affordable route onto the property ladder.”
Pileggi added: “Using online affordability calculators and seeking expert advice will help a lot of renters see that buying may not be as far off as they think.”