Posted 4/6/2024, 11:00:00 AM
Renting Now 60% Cheaper Than Buying in Major U.S. Cities, Causing Shift in Real Estate as Consumers Embrace Short-Term Strategies
- Renting has become more affordable than buying in major U.S. cities, about 60% cheaper on average
- There is a rise in consumers with a "short-term business strategy", causing a shift in real estate
- Monthly cost to own a 1-2 bedroom home is over $3,500 in cities like Austin and Seattle, while renting is about $2,000
- Appreciation and investment value still make buying advantageous long-term
- Realtor advises millennials to save money if they want to buy a home in the next few years