Mortgage Costs Surge Make Renting Cheaper

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The housing market keeps getting tougher Christen. Tell us more. That's right. So this actually we have some great data that's worth highlighting here. So decades high mortgage rates are making it cheaper on average and to rent then buy in the United States across the country. Monthly rent was $81 cheaper in August than the monthly mortgage payment on a home for sale with a 30 year mortgage factoring in a 10% down payment, 7.1% interest rate and a list price of 350,000. The biggest gap since 2015 and doesn't even include taxes, insurance and maintenance costs that would come along with the home. Well, usually Americans able to afford a down payment and closing costs, but actually see a cheaper monthly housing bill than renters. But that hasn't been the case since September of 2022 in the face of these high rates according to Zillow. So almost a year now it's been cheaper to rent than buy