That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments (see chart below):
As mortgage rates have eased off their recent peak, home prices have moderated, and inventory has ticked up, affordability has improved significantly. When you add all of that up, it’s getting less expensive to buy a home than to rent one in many parts of the country.
This is a big deal if you’ve been renting for a while now. But if you don’t see your city on this list, don’t sweat it. Things are moving fast, and your area might be joining these top metros soon.
You see, talking with a local real estate agent about what’s happening in your market before this happens in your ideal neighborhood could really change the game for you. It’s all about being informed by a true expert, and understanding what was out of reach before might actually be getting more affordable than you think.
Now, while this study compares monthly rent to principal and interest on a mortgage payment (not the whole monthly payment), let’s think through this. As Zillow notes, what you can’t ignore when you buy a home are things like taxes, insurance, utilities, and maintenance that should also be factored into your budget and your monthly payment.
But remember – renters pay extra fees too, like renters’ insurance, utilities, parking, and more. And while doing the math may feel like a drag, this equation could be a much more exciting one to work through today.
So, grab your calculator and your agent because the big takeaway is this: it may be time to determine if you’re in a spot to afford what you couldn’t just a few months ago.
As Orphe Divounguy, Senior Economist at Zillow, says:
“… for those who can make it work, homeownership may come with lower monthly costs and the ability to build long-term wealth in the form of home equity — something you lose out on as a renter. With mortgage rates dropping, it’s a great time to see how your affordability has changed and if it makes more sense to buy than rent.”
Whether you live in one of these budget-friendly metros where the scales have already tipped in your favor, or any town in-between, it’s time to connect with a local real estate agent to get the conversation started.
With mortgage rates coming down and more homes hitting the market, you’ll want to be ready to jump back into your search – before everyone else does.
Bottom Line
If you’re tired of renting and ready to find out what it takes to purchase a home in our area now that the landscape may be shifting, let’s do the math together to see if buying a home makes sense for you now or sometime soon.
purchase amoxil online cheap – combamoxi.com buy amoxicillin online cheap
cheap amoxicillin generic – comba moxi amoxicillin oral
order diflucan generic – site buy diflucan tablets
fluconazole 200mg sale – https://gpdifluca.com/# diflucan generic
order cenforce 100mg generic – https://cenforcers.com/# buy cenforce without prescription
order cenforce 50mg without prescription – https://cenforcers.com/# buy cheap generic cenforce
cialis for daily use – https://ciltadgn.com/ cialis for sale online in canada
cialis liquid for sale – https://ciltadgn.com/# buy voucher for cialis daily online
cialis tadalafil 20mg price – https://strongtadafl.com/# cialis recreational use
tadalafil prescribing information – https://strongtadafl.com/ what are the side effects of cialis
ranitidine oral – https://aranitidine.com/# zantac 150mg price
buy ranitidine 300mg – https://aranitidine.com/# purchase zantac generic
buy viagra 50 mg online – sildenafil 100mg blue pill viagra coupons
viagra sale liverpool – buy viagra cheap australia buy viagra super active
Good blog you have here.. It’s obdurate to find high quality belles-lettres like yours these days. I truly comprehend individuals like you! Take guardianship!! https://buyfastonl.com/azithromycin.html
More posts like this would bring about the blogosphere more useful. kamagra efectos secundarios
More delight pieces like this would create the ???????? better. neurontin 400 para que sirve
More articles like this would frame the blogosphere richer. https://buyfastonl.com/
With thanks. Loads of erudition! https://ursxdol.com/amoxicillin-antibiotic/
I am in point of fact enchant‚e ‘ to coup d’oeil at this blog posts which consists of tons of profitable facts, thanks towards providing such data. https://ursxdol.com/synthroid-available-online/
Greetings! Very useful recommendation within this article! It’s the crumb changes which choice turn the largest changes. Thanks a lot quest of sharing! https://prohnrg.com/product/get-allopurinol-pills/
The thoroughness in this piece is noteworthy. https://prohnrg.com/product/diltiazem-online/
I am in truth enchant‚e ‘ to glitter at this blog posts which consists of tons of of use facts, thanks object of providing such data. https://aranitidine.com/fr/en_ligne_kamagra/
The thoroughness in this section is noteworthy. https://aranitidine.com/fr/en_france_xenical/
Greetings! Very serviceable advice within this article! It’s the crumb changes which wish make the largest changes. Thanks a portion towards sharing! https://ondactone.com/spironolactone/
This is the tolerant of post I find helpful. https://ondactone.com/spironolactone/
Thanks towards putting this up. It’s evidently done.
https://doxycyclinege.com/pro/sumatriptan/
I am actually thrilled to glance at this blog posts which consists of tons of profitable facts, thanks for providing such data.
https://proisotrepl.com/product/tetracycline/
Proof blog you be undergoing here.. It’s hard to find strong worth script like yours these days. I really appreciate individuals like you! Go through care!! https://myrsporta.ru/forums/users/fogzx-2/
This is the kind of writing I truly appreciate. http://www.01.com.hk/member.php?Action=viewprofile&username=Tipehp
dapagliflozin drug – this buy cheap generic forxiga
generic forxiga – on this site buy dapagliflozin 10 mg online cheap
cost xenical – this order xenical 60mg without prescription
how to buy orlistat – this purchase orlistat
This is a topic which is in to my verve… Numberless thanks! Unerringly where can I find the acquaintance details for questions? https://www.forum-joyingauto.com/member.php?action=profile&uid=49454
With thanks. Loads of conception! http://www.predictive-datascience.com/forum/member.php?action=profile&uid=46037
You can protect yourself and your stock by being alert when buying prescription online. Some druggist’s websites function legally and put forward convenience, privacy, cost savings and safeguards over the extent of purchasing medicines. buy in TerbinaPharmacy https://terbinafines.com/product/zanaflex.html zanaflex
You can protect yourself and your family by way of being heedful when buying medicine online. Some druggist’s websites function legally and provide convenience, reclusion, cost savings and safeguards for purchasing medicines. buy in TerbinaPharmacy https://terbinafines.com/product/aricept.html aricept
Thanks recompense sharing. It’s first quality. sibelium en ligne
More posts like this would bring about the blogosphere more useful. order hyzaar generic
With thanks. Loads of knowledge!
Palatable blog you possess here.. It’s intricate to espy elevated calibre writing like yours these days. I honestly respect individuals like you! Withstand care!!