Today’s average monthly mortgage payment is 52% higher than the typical monthly rent on an apartment, according to data from commercial real estate firm, CBRE.
Black Knight has released its September 2023 Mortgage Monitor Report, which shows over half (51%) of homebuyers facing monthly P&I payments of $2,000+ and almost a quarter (23%) facing $3,000+ payments and mortgage rates surge to 22-year highs.
New research from Home Bay on renting vs. buying shows that renting a home is cheaper than buying one in 45 of the 50 most populous U.S. metros. In 22 of those metros, rent prices are within 20% of monthly mortgage payments.
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