Despite high rent, it’s still cheaper than buying a home except in these cities
A "For Rent" sign outside an apartment building in the East Village neighborhood of New York, US, on Tuesday, July 12, 2022.
Photographer: Gabby Jones/Bloomberg via Getty Images Median rents in the 50 largest U.S. metropolitan areas climbed to a record $1,876 in June, but that’s still less than the monthly cost of buying a starter home in most cities, according to realtor.com.In its June rental report, realtor.com said rental rates listed on their website were up 14.1% over the same time last year — they’ve hit record levels every month for the past 16 months.Rent increases have slowed since they peaked in January at 17.3% more than the year before, but rent is 23.9% higher than it was in June 2020 and 27.6% higher than in June 2019.
Rental rates for studio apartments have grown faster than 1- and 2-bedroom units. Cities with the highest year-over-year increases Despite the soaring rent costs, in 38 of the 50 largest metros in America, it’s still cheaper to rent than to buy a starter home.Seven months ago, only 24 markets were cheaper for renters.
In some cities, buying a home costs over $2,000 a month more than renting.RELATED: Selling a home: Front door color matters, Zillow data saysThe average cost to buy a starter home across the 50 largest US metros was $2,437 a month in June, 29.9% more than the average listed rent.
United States
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India
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Cases: 34 321 025
Deaths: 459 652
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Brazil
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Cases: 21 835 785
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United Kingdom
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Russia
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