There’s one aspect of the economy that hasn’t improved dramatically since the pandemic, and that is housing.
The American dream of owning a home may be changing. A new Bankrate study shows renting a home is now cheaper than buying, and this is true in all 50 states.
“In the DC metro area, specifically, it costs 50% more to pay a typical monthly mortgage payment than to pay rent in that area,” Alex Gailey, Bankrate Analyst, said.
That typical mortgage payment is about $3500 compared to a monthly rent of $2300.
“So that’s a 50% difference between those two figures on a monthly basis,” Gailey adds.
It’s become more difficult for aspiring homeowners to purchase a home because of high home prices and mortgage rates above 7%.
Click here to read the rest of the article written by Melanie Hastings over at WJLA ABC 7
