It's a lot cheaper to rent than to buy a home right now in the United States.
FILE - A home available for sale is shown on Oct. 16, 2023, in Austin, Texas. Home sales have slowed as the cost of borrowing has increased and the country continues seeing record-high mortgage rates. U.S. homebuyers are currently facing monthly mortgage costs that are 52% higher than the average monthly apartment rent, according to a recent analysis byCBRE listed the average monthly cost of a new home purchase at $3,322.
While home prices have dipped by 9.7% since mid-2022, they haven’t fallen enough to significantly offset the impact of higher mortgage rates, CBRE said. The report said rent prices are up 0.40% year over year, which is equivalent to an $8 increase in median rent nationally. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, also increased. The average rate rose to 6.92% from 6.89% in mid-October. A year ago, it averaged 6.23%, Freddie Mac said.As mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford. Meanwhile, they also discourage homeowners who locked in far low rates two years ago from selling.
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