2023-2030: Renting cheaper than buying due to higher mortgage rates and housing shortage, per CBRE analysis.
A new CBRE analysis finds that renting will be cheaper than buying a home for years to come, due to the increasing costs of buying and a nationwide housing shortage. The average mortgage payment was 38% higher than the average apartment rent at the end of 2023, and researchers predict this gap will remain until at least 2030. Higher mortgage rates and a lack of available housing units are the main factors driving this trend.
March 21, 2024
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