Owning A Home, Compared to Renting, Has Gotten Even More Expensive
Summary
A study by LendingTree found that owning a home is more expensive than renting in all major U.S. cities. Homeowners with a mortgage pay about 37% more each month than renters. Rising costs have made it harder for many people to afford to buy their first home.Key Facts
- Owning a home is more expensive than renting in all major U.S. cities according to LendingTree.
- Homeowners with a mortgage pay about $548 more per month compared to renters.
- Homeownership costs have increased due to higher home prices, borrowing costs, property taxes, and insurance.
- From 2019 to 2024, median housing costs for homeowners grew by 25%, but incomes rose only 23%.
- The share of first-time homebuyers fell to 21%, and their average age reached 40 years.
- Median monthly rent is $1,487, while median monthly housing costs for homeowners with a mortgage is $2,035.
- San Francisco has the largest cost gap between renting and owning a home, at $1,565 per month.
- Planned falls in mortgage rates may improve housing affordability for first-time buyers.
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