Posted 4/6/2024, 2:30:00 PM
Renting Now More Affordable Than Buying Across All Major US Cities
- Renting is now cheaper than buying homes in all 50 largest US metro areas, according to Realtor.com
- The median rent in these areas was $1,708 per month in February, down $50 from August 2022 peak
- It costs $1,027 more per month to own vs rent a starter home in the metro areas
- The cost difference is largest in Austin (141.5% more to own), Seattle (121.1%), and Phoenix (99%)
- Reasons buying remains less cost-effective are high mortgage rates (around 7%) and low housing inventory
