Renting Surpasses Buying in Affordability Across All Major US Metro Areas
TL;DR Summary
A new report by Realtor.com reveals that renting is now more cost-effective than buying in all 50 of the largest metro areas in the US, with rental costs dropping steadily over the last seven months. Rising home prices have led to a $1,027 per month difference between owning a starter home and renting, with Austin, Seattle, and Phoenix showing the most significant gaps. High mortgage rates and low inventory are cited as the main reasons behind the cost disparity.
- It's Cheaper to Rent Than Buy in Every Big US Metro Area Newser
- Realtor describes the shift that's driving real estate 'across the board' in top markets Fox Business
- It’s cheaper to rent than buy a starter home in top 50 US metros: Report The Hill
- It’s now cheaper to rent than buy in all major US metros NewsNation Now
- Renting is 60.1% cheaper than buying a home Voz Media
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