Rent vs. Buy: Which Makes More Sense In The Current Real Estate Market?

To buy or not to buy has never been a simple decision. And this ever-changing housing market isn’t making it any easier. With surging mortgage rates, record-breaking rents and home prices, a potential economic downturn and other lifestyle considerations – there’s so much to factor in. On average across the 50 largest United States metro areas, a typical renter pays about 40% less in rent than a first-time homeowner. However, that’s not the case for everyone. In December 2022 buying was more affordable in 5 of the largest U.S. metros. What makes sense for you and your family depends on where you plan on living, how long you plan to stay, and your financial circumstances. Chapters: 00:00 — Introduction 01:51— Current market 06:43 — Rent vs. buy 10:32 — Cleveland 14:55 — Looking ahead Produced and Shot by: Emily Lorsch Edited by: Jacob Harrell Additional Cameras: Peter Bittner, Magdalena Petrova Animation: Christina Locopo Senior Managing Producer: Tala Hadavi Additional Footage: Getty Images, WKYC