The limited number of US cities where buying a home is cheaper than renting.

According to a new study by Redfin, there are only four major metro areas in the US where it's cheaper to buy a home than to rent: Detroit, Philadelphia, Cleveland, and Houston. The pandemic caused a run-up in housing prices in most major cities, making renting a more financially viable option. The gap in cost between owning a home versus renting an apartment is now at its widest in more than 15 years. The surge in mortgage rates is another hit to homebuyers' wallets, with rates topping 7% this week. Redfin predicts that mortgage rates will decline to about 6% by year-end, but it is "unlikely" that rates could return to 3% in the near future.