Record-high house prices, near-record mortgage rates and record-low inventory have made it challenging for many people, especially first-time homebuyers, to buy a home. The upside? Now is a great time to rent.
A recent Bankrate study found that renting is now cheaper than buying in all major U.S. cities. As of February, the typical monthly mortgage payment for a median-priced home ($412,778, per Redfin) was $2,703, while the typical rent was $1,979. That’s a difference of nearly $725 monthly, or more than $8,600 yearly. For some people, that extra $8,600 can go a long way when stashed in an emergency fund.
