The cost difference between owning a home and renting an apartment has reached its widest gap in more than 15 years as home prices rise and interest rates on home loans soar, according to a recent industry analysis.
On average, wwning a home costs $1,176 more per month than renting from a professionally managed apartment complex, according to an analysis published this month from the National Multifamily Housing Council (NMHC). That's the biggest buy-versus-rent gap since fall 2006, the industry group said in its report.
The gap is so wide because, between 2019 and 2022, rent prices grew an average 6.3% every year while median home sale prices grew 17.4%, NMHC said. Mortgage rates also climbed in recent history, NMHC said, nearly tripling from January 2021 to November 2022 before easing slightly.
Still, the average 30-year mortgage this week stands at 6.42%, more than double its prepandemic level.
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