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Renting Remains More Affordable Than Buying in Most US Metro Areas

Renting Remains More Affordable Than Buying in Most US Metro Areas

The dream of homeownership is becoming increasingly elusive for first-time buyers as surging home prices and soaring mortgage rates make renting more appealing. In just three of the nation’s 50 largest metropolitan areas—Memphis, Tenn., Pittsburgh, Penn., and Birmingham, Ala.—it’s more cost-effective to buy than rent. High mortgage rates, averaging over 7%, have pushed up homeowners’Read …

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Rents Are Falling the Most in These Former Pandemic Hotspots

Rents Are Falling the Most in These Former Pandemic Hotspots

Rental prices in the 50 largest U.S. metros dropped by 0.6% in August, with the median rent reaching $1,752 per month, according to Realtor.com. This marks the fourth consecutive month of year-over-year rent declines for studios and one- and two-bedroom properties. While rents are dropping, they remain above pre-pandemic levels, with costs being 23.7% higherRead …

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