[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f2efmzc5v9lsh3":3,"$ffeh0925h8cuz":51,"$fbwk2pqjjqsc7":55},{"item":4,"previous":39,"next":45},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":37,"updatedAt":38},63193,"buying-beats-renting-in-22-major-us-cities","Buying Beats Renting in 22 Major U.S. Cities","\u003Cp>That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments.\u003C\u002Fp>","","blog","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240926\u002F20240930-Buying-Beats-Renting-in-22-Major-U-original.S","\u003Cp>That’s right—according to a recent study from \u003Cem>Zillow\u003C\u002Fem>, in 22 of the 50 largest metro areas,\u003Cstrong> monthly mortgage payments are now lower than rent payments\u003C\u002Fstrong> (\u003Cem>see chart below\u003C\u002Fem>):\u003C\u002Fp>\u003Cp>\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240926\u002F20240930-Metros-Where-Mortgage-Payments-Are-Lower-Than-Rent-Revised-original.png\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cimg src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240926\u002F20240930-Metros-Where-Mortgage-Payments-Are-Lower-Than-Rent-Revised-original.png\" alt=\"No Caption Received\">\u003C\u002Fa>As \u003Ca href=\"\u002F2024\u002F09\u002F20\u002Flower-mortgage-rates-boost-your-buying-power-infographic\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">mortgage rates\u003C\u002Fa> have eased off their recent peak, \u003Ca href=\"\u002F2024\u002F09\u002F11\u002Fthe-real-story-behind-whats-happening-with-home-prices\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">home prices\u003C\u002Fa> have moderated, and \u003Ca href=\"\u002F2024\u002F08\u002F29\u002Fare-we-heading-into-a-balanced-market\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">inventory\u003C\u002Fa> has ticked up, affordability has improved significantly. When you add all of that up, it’s getting less expensive to buy a home than to rent one in many parts of the country.\u003C\u002Fp>\u003Cp>This is a big deal if you’ve been renting for a while now. But if you don’t see your city on this list, don’t sweat it. Things are moving fast, and your area might be joining these top metros soon.\u003C\u002Fp>\u003Cp>You see, talking with a local real estate agent about what’s happening in your market \u003Cem>before\u003C\u002Fem> this happens in your ideal neighborhood could really change the game for you. It’s all about being informed by a true expert, and understanding what was out of reach before might actually be getting \u003Ca href=\"\u002F2024\u002F09\u002F18\u002Fthe-latest-builder-trend-smaller-less-expensive-homes\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">more affordable\u003C\u002Fa> than you think. \u003C\u002Fp>\u003Cp>Now, while this study compares monthly rent to principal and interest on a mortgage payment (not the whole monthly payment), let’s think through this. As \u003Cem>Zillow\u003C\u002Fem> notes, what you can’t ignore when you buy a home are things like taxes, insurance, utilities, and maintenance that should also be factored into your budget and your monthly payment.\u003C\u002Fp>\u003Cp>But remember – renters pay extra fees too, like renters’ insurance, utilities, parking, and more. And while doing the math may feel like a drag, this equation could be a much more exciting one to work through today.\u003C\u002Fp>\u003Cp>So, grab your calculator and your agent because the big takeaway is this: it may be time to determine if you’re in a spot to afford what you couldn’t just a \u003Ca href=\"\u002F2024\u002F09\u002F17\u002Fmortgage-rates-drop-to-lowest-level-in-over-a-year-and-a-half\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">few months ago\u003C\u002Fa>.\u003C\u002Fp>\u003Cp>As Orphe Divounguy, Senior Economist at \u003Cem>Zillow\u003C\u002Fem>, says:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“… for those who can make it work, homeownership may come with lower monthly costs and the ability to build long-term wealth in the form of home equity — something you lose out on as a renter. \u003C\u002Fem>\u003Cstrong>\u003Cem>With mortgage rates dropping, it's a great time to see how your affordability has changed and if it makes more sense to buy than rent.\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem>”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Cp>Whether you live in one of these budget-friendly metros where the scales have already tipped in your favor, or any town in-between, it’s time to connect with a local real estate agent to get the conversation started.\u003C\u002Fp>\u003Cp>With mortgage rates coming down and more homes hitting the market, you’ll want to be \u003Ca href=\"\u002F2024\u002F09\u002F10\u002Fwhy-pre-approval-should-be-at-the-top-of-your-homebuying-to-do-list\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">ready\u003C\u002Fa> to jump back into your search – before everyone else does.\u003C\u002Fp>","\u003Cp>If you’re tired of renting and ready to find out what it takes to purchase a home in our area now that the landscape may be shifting, let’s do the math together to see if \u003Ca href=\"\u002F2024\u002F09\u002F12\u002Fwhat-to-know-about-closing-costs\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">buying a home\u003C\u002Fa> makes sense for you now or sometime soon.\u003C\u002Fp>","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240926\u002F20240930-Metros-Where-Mortgage-Payments-Are-Lower-Than-Rent-Revised-original.png",false,[17,21,25,29,33],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},9,"Home Prices","home-prices",{"id":26,"name":27,"slug":28},35,"Mortgage Rates","mortgage-rates",{"id":30,"name":31,"slug":32},320,"Inventory","inventory",{"id":34,"name":35,"slug":36},322,"Affordability","affordability","2024-09-30T10:30:00Z","2024-09-30T10:30:20Z",{"id":40,"slug":41,"title":42,"featuredImage":43,"publishedAt":44,"contentType":10,"isVideo":15},63105,"buy-now-or-wait-infographic","Buy Now, or 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For","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240930\u002F20241001-This-Is-the-Sweet-Spot-Homebuyers-Have-Been-Waiting-For-original.png","2024-10-01T10:30:00Z",{"cover":52,"open":53,"shareSpread":54},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[56,60,61,65,69,73,74,78,82,83,87,91,95,99,103,107,111,115,119,123,124,128,129,133,137,141,145,149,153,157],{"id":57,"name":58,"slug":59},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":62,"name":63,"slug":64},6,"For 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