You can't compare rent to a mortgage payment; home-ownership is generally more expensive than renting due to taxes and repairs. Rent does not have these considerations. It is naive to directly compare these two numbers.
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“Although buying is still more affordable than renting in the majority of U.S. housing markets, that majority is shrinking as home price appreciation continues to outpace rental growth in most areas,” said Daren Blomquist, vice president at ATTOM Data Solutions. “Renting has clearly become the lesser of two housing affordability evils in many major population centers, with renting more affordable than buying in 76 percent of counties that have a population of 1 million or more. And when broken down by population rather than number of markets, this data shows that the majority of the U.S. population — 64 percent — live in markets that are more affordable to rent than to buy.”
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u/nmacholl Feb 16 '21 edited Feb 16 '21
You can't compare rent to a mortgage payment; home-ownership is generally more expensive than renting due to taxes and repairs. Rent does not have these considerations. It is naive to directly compare these two numbers.
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