Rents have increased a profound +19.8% y/y nationwide, according to Realtor.com.
Buying More Affordable than Renting in 26 of Country’s Largest 50 Metros
The combination of ballooning rental demand from priced-out potential homeowners and swelling investor demand for single-family homes to leverage increasingly high rents have made buying more affordable than renting in 26 of the 50 largest metros across the country.
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Key:
* If you answered “#1” congratulations. You are about to join the fastest-growing real estate company in the world. Tim and Julie Harris are inviting you to join them at EXP Realty. Text Tim directly for the next steps: 512-758-0206. (text only please)
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* If you answered ‘#3’ no worries. You will want to check out whylibertas.com/harris so you can at least know what EXP Realty is and why so many agents are moving to EXP.
Realtor.com analyzed its own rental data for studios, one- and two-bedroom units and monthly buying costs to come up with its list of 10 housing markets where it’s cheaper to buy than to rent in 2022.
10 Markets Where Buying More Affordable than Renting
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Birmingham AL
– 1/22 median home sold price: $180,000
– Buy cost/month: $668 (-5.9% decrease y/y
– Median rent/month: $1,201 (+18.6% y/y)
– % difference between buying vs. renting: -44.3%
- Cleveland OH
– 1/22 median home sold price: $120,000
– Buy cost/month: $809
– Median rent/month: $1,325 (+9.1% y/y)
- Pittsburgh PA
– 1/22 median home sold price: $225,000
– Buy cost/month: $945 (+3.2% y/y)
– Median rent/month: $1,530 (+18.6% y/y)
– % difference between buying vs. renting: -38.3%
- St. Louis MO
– 1/22 median home sold price: $166,000
– Buy cost/month: $812 (+16.2% y/y)
– Median rent/month: $1,295 (+19.5% y/y)
– % difference between buying vs. renting: -37.3%
- Detroit MI
– 1/22 median home sold price: $83,500
– Buy cost/month: $901 (-10.1% y/y)
– Median rent/month: $1,350 (+10.1% y/y)
– % difference between buying vs. renting: -33.3%
- Baltimore MD
– 1/22 median home sold price: $225,000
– Buy cost/month: $1,242 (+5.2% y/y)
– Median rent/month: $1,773 (+14.4% y/y)
– % difference between buying vs. renting: -30%
- Virginia Beach VA
– 1/22 median home sold price: $238,000
– Buy cost/month: $1,091 (+14.6^ y/y)
– Median rent/month: $1,500 (+16.7%)
– % difference between buying vs. renting: -27.2%
- Orlando FL
– 1/22 median home sold price: $329,000
– Buy cost/month: $1,327 (+21.8% y/y)
– Median rent/month: $1,820 (+34.8% y/y)
– % difference between buying vs. renting: -27.1%
- Tampa FL
– 1/22 median home sold price: $350,000
– Buy cost/month: $1,543 (+27.3% y/y)
– Median rent/month: $2,070 (+37.5%)
– % difference between buying vs. renting: -25.5%
- Louisville KY
– 1/22 median home sold price: $350,000
– Buy cost/month: $916 (+8.5% y/y)
– Median rent/month: $1,200
– % difference between buying vs. renting: -23.7%
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Thanks to Realtor.com.
