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Ever heard someone use that fancy-pants word, algorithm? As in, “Facebook is always updating their algorithm”? As you might know, Facebook’s algorithm is what determines
Renting is often looked at as a more affordable alternative to homeownership, but in many areas of the US, that’s actually not the case.
According to recent data from realtor.com, rents are rising fast and hitting new highs in metro areas across the country. In July, the median rental price in the US was $1607—a 9.8 percent increase from July 2020.
And not only are rental prices increasing, but they’re increasing to the point that, in many areas, renting is now more expensive than owning. With a median rental price of $1607, rent is now 15.5 percent more expensive than mortgage payments for a starter home in 24 of the 50 largest metro areas.
The Takeaway:
So, what does this mean for you? If you’ve been putting off buying your first home because you’ve thought renting is cheaper, it may be time to reexamine that logic. Depending on where you live, there’s a good chance that buying a home may actually be more affordable than your current rental.
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Ever heard someone use that fancy-pants word, algorithm? As in, “Facebook is always updating their algorithm”? As you might know, Facebook’s algorithm is what determines
First and foremost, no, this article wasn’t written using artificial intelligence. Or does that sound exactly like something AI would say to throw you off
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In this spirit of transparency, we admit we’re totally biased when we say “the most clever.” Why’s that? Because we created them. At any rate,
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