Monthly Purchase Cost Now Exceeds Rent by More Than 50%

As of late 2023, the median monthly cost of owning a new home is 52% higher than the average rent payment, according to data from CBRE. The relentlessly high mortgage rates and home prices have many would-be buyers opting to rent instead.

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Source: CBRE Research, CBRE Econometric Advisors, Freddie Mac, U.S. Census Bureau, Realtor.com®, FHFA, Q3 2023.Created with Datawrapper