The American Dream House Is Getting Harder to Buy or Rent
Summary
Renting a small home is still cheaper than buying one in major U.S. cities, but fewer rental homes are available. Many Americans now rent in large apartment buildings instead of single-family homes, which are becoming harder to find and more expensive to own.Key Facts
- In July 2026, the median monthly rent for 0-2 bedroom homes in 50 large metro areas was $1,695, down slightly from last year.
- Buying a starter home in the same areas costs about $2,553 per month, which is $858 more than renting.
- Only 13.7% of single-family homes in the U.S. are rented, the third lowest level recorded.
- Large apartment buildings have the most rental units, with 12.1 million units in 2024, the highest on record.
- Since 2021, large apartments surpassed single-family homes as the main rental option for many Americans.
- Multifamily homes (buildings with 20+ units) have been built faster than single-family homes since the Great Recession and during the pandemic.
- High mortgage rates (about 6.65% nationally) are keeping many current homeowners in their homes.
- Starter homes are less common today, making up only 7% of new home construction in 2019, compared to 40% in the 1980s.
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