Rents have had a good run in recent years, but have they climbed so high that buying a house is now cheaper? Not according to a new report by CoStar senior real estate economist Erica Champion. She found it's more expensive to rent in only 10 out of 54 major US metros--comparing average rent to the monthly bill a new homeowner would pay, including extras like property tax and insurance. Erica tells us it isn't time for apartment owners to worry about renters flocking to for-sale properties. Obstacles to financing and lots of student loans are keeping young pros from buying, and even those who could afford to buy are more hesitant than they would have been 10 years ago.
It's Still Cheaper to Rent
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Erica Champion