It’s cheaper to rent in 75% of major US cities, but these 10 metro areas offer aspiring homeowners hope.
There ’s that refrain in uppity economic system publications that hint that untried citizenry in the US do n’t own home because we bribe avocado pledge and go out to wipe out . evidently , those were wrong inference . We ca n’t affordto buy homesbecause of wage stagnancy and predatory developers . And also , it turns out that in most major metropolitan areas in the nation , it ’s actually more monetary value - good torentrather than buy .
Astudy from Realtor.comfound that in June 2022 the median USrent hit another highfor the sixteenth consecutive calendar month in a rowing . So it ’s not that tear is take cheap , but rather that the price of financing a home purchase has gotten so high that it is not only drive up rent but also piss lease the more financially viable option . Mortgage rates pass over by 2 % from January to June . Monthly costs for renting in 38 of America ’s 50 largest cities were flash than monthly costs for first - time homeowners . In the top 10 cities , the study found that renting was at least 52 % more affordable than plate ownership .
Being a first - time home buyer in just 10 metro country is more affordable . Below is a list of those cities for those looking to ditch the monthly tear deterrent .
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" Whether you ’re looking for a renting or trying to bribe your first base , our analysis foreground the importance of prioritization when deciding where to live , " said Senior Economic Research Analyst for Realtor.com Joel Bernerin a press release . " Take the example of areas with small disruption between rents and monthly starter homeownership cost , which may still volunteer relatively affordable starter homeownership cost . Many of these subway are also attract home shoppers from out - of - state , in turn drive up the overall cost of sustenance . For first - time buyers prioritise lower home prices , you may still find alternative in these areas , but make certain to account for high toll of other expenses in your budget . "
So if you were planning on buying a home , it might be advantageous to wait until mortgage rates decrease . If you want something rather , consider relocating to one of the city above , where you ’ll get more kick for your buck .
