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Realtor.com Finds Renting Over Buying a Starter Home Saves You Money In Most Cities
22.09.2023 - 23:15 / bhg.com
Stacy Zarin Goldberg
If you’re considering making ~the move~ from your apartment into a starter home right now, you may want to hold off. According to Realtor.com’s August Rental Report, published on September 21, it's 60% more expensive to buy a home than rent in a majority of U.S. cities right now.
“Rents have registered steady declines for the past four months," Realtor.com chief economist Danielle Hale said in a press release. «While they remain well above pre-pandemic levels, when you factor in the impact of record-high mortgage rates and high home prices, it’s understandable that many would-be homebuyers are choosing to remain on the sidelines.»
The report found renters are saving more than homeowners in 47 out of 50 large metropolitan areas. Already high mortgage rates continue to climb, and base home prices have also increased—the two main factors giving renters more of a profit. In August, they saved an average of $483 more per month compared to last year. And while still high compared to pre-pandemic levels, rent prices are steadily coming down on a national level.
Realtor.com economist Jiayi Xu says despite this decrease, some areas are still seeing year-to-year rent growth, like affordable cities in the Midwest and larger metros where people are returning to the office.
For the few major metros that still favor buying over renting (Birmingham, AL; Memphis, TN; and Pittsburgh, PA) the economic gap is shrinking: The monthly cost of purchasing a starter home in these areas was only 2.1% lower than renting a home. Especially when compared to last year’s significant savings, it's clear buyers are at less of an advantage. In Memphis, homebuyers saved $434 per month compared to renters in 2022; in August 2023, however,
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