It now costs 52% more to buy a home than rent one: ‘Never been a worse time’
October 23, 2023
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1:02Now PlayingIt now costs 52% more to buy a home than rent one: ‘Never been a worse time’
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as posted by the channelThe average monthly mortgage payment is a whopping 52% higher than the average monthly rent on a house or apartment — a ratio that hasn’t been this out of whack since before the 2008 housing crash, according to The Wall Street Journal. NY Post reporter Shannon Thaler shares this story.
The last time the cost of buying a home versus renting one was this extreme was in 1996, The Journal reported, headlining its article “There’s never been a worse time to buy instead of rent,” citing data from commercial real estate firm CBRE.
Historically, monthly mortgage rates have cost the same or less than monthly rent payments on an apartment — which had been the case from 1996 to mid-2003 — since owners tend to put more cash into their homes than tenants because of expenses like repairs and renovations, per The Journal.
In the lead up to the ’08 market crash, the mortgage premiums peaked at 33% in the second quarter of 2006.
After the financial crisis, interest rates tanked as housing supply skyrocketed throughout the 2010s, making it 12% cheaper on average to buy a home rather than rent one, according tot he outlet.
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#rent #homeownership #homeowners
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