Buying a starter home is 60% more expensive than renting in most major cities, report shows

The median price of an existing home hit $407,100 in August.

Renters hoping to buy a house may be better off renting for longer, as the housing market remains frozen by elevated mortgage rates and prices.

As a result, renting has become far cheaper than buying a starter home in the majority of the largest metros in the U.S., a new report from Realtor.com showed. “The downward trend in rental prices reduces the sense of urgency, giving renters more time to save for a home,” she added. “In the period ahead as rents soften, we expect more households will remain renters for longer.”

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