Mortgage Rates Are Lower Than Rents!

[Shafi Noss]

Looking at the Realtor.com's estimate for the properties in Jacksonville, it looks like the mortgage payment is lower than Rentometer's rent! 

For example, Zillow estimates one of its 90k properties to have payment for mortgage, insurance, and taxes at $500/mo. But Rentometer estimates the rent at around $750, which is so low it fails the 1% rule. The thing is, almost every property I've looked at in Jacksonville has a similar story. How could mortgage payments be so much lower than rents?