Rents are up 14.1% over the same time last year — they’ve hit record levels every month for the past 16 months.
Despite the soaring rent costs, in 38 of the 50 largest metros in America, it’s still cheaper to rent than to buy a starter home.
Seven months ago, only 24 markets were cheaper for renters. In some cities, buying a home costs over $2,000 a month more than renting.The average cost to buy a starter home across the 50 largest US metros was $2,437 a month in June, 29.9% more than the average listed rent. A year ago, the monthly cost to buy was $1,815, 10.4% more than rent.Pittsburgh, Penn.: median rent, $1,583; monthly buy cost, $1,061St. Louis, Mo.-Ill.
Analysts say the biggest driver in the change is rising interest rates and the cost of financing a home: In January, the average 30-year fixed mortgage rate was 3.45%. In June, it was 5.52%. Most economists expect the Federal Reserve to jack up its borrowing rate another half-to-three-quarters of a point when it meets next week. Fed policymakers have signaled that much higher interest rates may be needed to reign in stubborn,
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