While homeownership remains a top goal for many Americans, an April 16 report from Realtor.com indicates renting is the more affordable option now in all 50 largest U.S. metros.
“A person moving into the typical rental spends less each month than someone buying a starter home today,” Realtor.com chief economist Danielle Hale said in a statement.
“As buying costs have eased in many markets, renters who are intentional about saving have a real opportunity to build toward a down payment faster than they might think.”
According to Hale, renters can save an average of $920 per month compared to the cost of buying, and those savings can be earmarked for a down payment when they are ready to purchase. She noted that savings can be substantial in markets with the widest percentage gaps between renting and buying….