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Nationwide typical home costs 25% more in monthly mortgage compared to rent

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Per RedfinThe difference between how much one would spend on a monthly mortgage versus renting was reportedly 25%. It was noted that homeowners would spend this additional on their mortgage while renters would be able to save this difference.This was according to Redfin, which found that despite the national average, there were four places where buying was still more affordable than renting. This included Detroit, Philadelphia, Houston, and Cleveland.However, in certain places like the Bay Area, buying a property was twice as expensive as renting. The largest discount for buying was in Detroit, where it was noted that buyers would spend 24% less on buying a typical home compared to renting.Due to the rise in real estate prices in certain places and increased rates, newer mortgages were reportedly also higher than when rates were low.Renters reportedly paid a median estimated monthly rent of $1,697, while homebuyers paid $1,296 for their median estimated monthly mortgage payments.In other places like San Francisco, California, it was reportedly almost 150% cheaper to rent than to buy a property. When it came to Oakland, California, it became around 100% cheaper to rent than buy a property.In October, it was reported that New York City rent rose by 19% in the last 12 months compared to the national average of just 12.3%. In February, Manhattan rent was just at $2,804; in August, it increased to $3,998.Los Angeles reportedly saw a $505 increase in rent, with San Francisco following with an increase of $408. Seattle also saw an increase in rent of $218.By the end of March, it was reported that the difference between monthly mortgage payments and rents had never been as big since 2006. This was a revelation that at the end of 2022, monthly payments for a new home were $1,176 more than apartment rent.See flow at unusualwhales.com/flow.Other News:NYC Rent has Risen 19% in the Last 12 Months Compared to the 12.3% National AverageThe difference between monthly mortgage payments and rents hasn't been this big since 2006Resources:Redfin

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