The Math for Buying a Home No Longer Works…
Note: The data assumes a 10% down payment and includes private mortgage insurance. (CBRE Research, US Census Bureau, Realtor.com, FHFA)
Why would anyone want to buy a home when renting is so much cheaper? Even during the worst parts of the Great Recession, the gap between average monthly new home payments nationwide and average monthly new lease payments was around half the current gap. Since 2022, average monthly new home payments have shot up to the $3,000/mo+ mark, while the average monthly new lease payment is nearly $1,000/mo less.