Rent Cheaper Than Mortgages in Majority of Major Metros, Warns BofA

Bank of America economists have found that renting is currently cheaper than buying a home in all but two of the 97 major metro areas they analyzed. Despite rising rents and mortgage payments, renting remains more affordable than owning due to low affordability and the high cost of homeownership. However, the economists also noted that buying a home allows for the accumulation of equity over time, which is not possible with renting. The housing market is expected to improve in the future, with the Federal Reserve potentially cutting rates and increased demand and supply.