{"id":25603,"date":"2024-04-02T03:59:10","date_gmt":"2024-04-02T08:59:10","guid":{"rendered":"https:\/\/ustower.net\/?p=25603"},"modified":"2024-04-02T03:59:16","modified_gmt":"2024-04-02T08:59:16","slug":"its-cheaper-to-rent-than-buy-a-starter-home-in-top-50-us-metros-report","status":"publish","type":"post","link":"https:\/\/ustower.net\/?p=25603","title":{"rendered":"It\u2019s cheaper to rent than buy a starter home in top 50 US metros: Report"},"content":{"rendered":"\n<p class=\"has-medium-font-size\">Due to rising mortgage rates and falling rents, it\u2019s cheaper to rent than buy a starter home in every one of the country\u2019s 50 largest metropolitan areas, according to&nbsp;<a href=\"http:\/\/realtor.com\/\"><u>new data from Realtor.com<\/u><\/a>&nbsp;published Monday.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">February marked the seventh consecutive decline in rental prices for apartments and small homes, with rents falling by about 0.4 percent compared to a year before. That compared to a rise in prices for buying starter homes, on average $1,000, or 60 percent, higher than rents.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The difference was felt most in the country\u2019s fastest growing cities. It was more than twice as expensive to buy a starter home than rent in Austin and Seattle, and nearly twice as much in Phoenix and San Francisco.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">In the Austin area, rents average $1,530, while buying a similar home would cost about $3,695 per month, given average mortgage rates. Rents fell by a massive 4.4 percent in Austin last year, one of the fastest rates of any major city as its housing market booms.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Compared to 2023, the disparity increased the most in Los Angeles, Nashville, Phoenix, Memphis and Raleigh, N.C. In Richmond, Va., renters save $700 more than a year prior over buyers.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Mortgage rates have&nbsp;<a href=\"https:\/\/thehill.com\/homenews\/ap\/ap-business\/ap-average-long-term-us-mortgage-rose-again-this-week-to-highest-level-since-mid-december\/\"><u>risen to nearly 7 percent<\/u><\/a>&nbsp;in parts of the country as high Federal Reserve interest rates remain steady.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><a href=\"https:\/\/thehill.com\/business\/4568803-its-cheaper-to-rent-than-buy-a-starter-home-in-top-50-us-metros-report\/\">Thehill<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Due to rising mortgage rates and falling rents, it\u2019s cheaper to rent than buy a starter home in every one of the country\u2019s 50 largest metropolitan areas, according to&nbsp;new data from Realtor.com&nbsp;published Monday. February marked the seventh consecutive decline in rental prices for apartments and small homes, with rents falling by about 0.4 percent compared [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":25604,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1155],"tags":[27602,8905,3787,3322,27601],"class_list":["post-25603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-buying-new-homes","tag-interest-rates","tag-mortgages","tag-real-estate","tag-rental-rates"],"_links":{"self":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/25603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25603"}],"version-history":[{"count":1,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/25603\/revisions"}],"predecessor-version":[{"id":25605,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/25603\/revisions\/25605"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/media\/25604"}],"wp:attachment":[{"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}