Renting has become the more affordable option in metros across the U.S. as mortgage rates and home prices remain elevated, according to a new report from Realtor.com. The data showed that the monthly cost for a starter home in the largest 50 metros was roughly 60%, about $1,027, more than the monthly rent in those same markets on average. US NEW HOME SALES FALL; MEDIAN PRICE LOWEST IN MORE THAN 2-1/2 YEARS Realtor.
The median rent for two bedrooms nationwide was $1,889. That is $65 lower than the peak seen in August 2022. "Deciding whether to rent or buy often goes beyond a financial advantage though, and likely depends on a consumer’s circumstances," Hale said. "Renters often prize flexibility while the biggest reasons homebuyers cite are that they want a place of their own and to be closer to family and friends.