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Average housing costs across the U.S., pushed higher by soaring home prices and rising mortgage rates, outpaced rental costs in April, making owning a home more expensive on a monthly basis than renting one, according to a new report.
As The New York Times reports, California advisory firm John Burns Real Estate Consulting recently published a report that shows the cost of having a mortgage is 31% higher than renting, more than at any time in the past 20 years.
The disparity is greater in metropolitan areas where housing prices have surged, the report says. Just a year ago, the difference between owning and renting was virtually flat, according to the firm’s data. Read the full story.
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