Realtor.com® February Rental Report: Renting Now Beats Buying in All of the Largest U.S. Metros
News Corporation - Class B (NWS)
US:NASDAQ Investor Relations:
investors.newscorp.com/investor-relations
Company Research
Source: PR Newswire
The top 5 metros with the largest savings for renters include Austin, Texas; Seattle; Phoenix; San Francisco and Los Angeles SANTA CLARA, Calif., March 26, 2024 /PRNewswire/ -- Elevated mortgage interest rates, still-high home prices and falling rents have made it more affordable to rent than buy in all of the top 50 U.S. metros, according to the Realtor.com® Rental Report released today. In February, the mortgage payment on a starter home in the largest metros cost $1,027 (+60.1%) more than the monthly rent in those markets, on average. At the same time last year, 45 metros favored renting.The top 10 metros with the largest rent versus buy savings (see below for top 50 metros):1. Austin-Round Rock-Georgetown, Texas – $2,165 monthly rent savings (141.5% difference)2. Seattle-Tacoma-Bellevue, Wash. – $2,422 (121.1%)3. Phoenix-Mesa-Chandler, Ariz. – $1,528 (99.0%)4. San Francisco-Oakland-Berkeley, Calif. – $2,689 (95.5%)5. Los Angeles-Long Beach-Anaheim, Calif. – $2,539
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