The US economy grew by 2.9% in the fourth quarter, registering solid growth to end 2022 even as consumers and businesses battled historically high inflation and rising interest rates.
But there are five cities where, despite stubbornly high prices, rising mortgage rates and some of the least affordable home buying conditions in decades, it is still cheaper to buy than to rent. Rent is still going up, but steadily slowed its pace of growth throughout 2022. The national median rent jumped 3.2% in December from a year ago, marking the eleventh month of slowing rent growth from January’s peak of 17.4% growth, according to the report, released on Thursday.
Monthly buying costs assume a 7% down payment with a mortgage rate of 6.36%, and include taxes, insurance and homeowners association fees. The amount saved by purchasing a home in these cities has decreased from last year, as stubbornly high prices and elevated mortgage rates eat away at the financial payoff to buying. Deciding whether to rent or buy ultimately depends on personal circumstances, including location, financial situation and how long one plans to live in the home.
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