Gap Between Renting and Buying Costs is Closing in U.S.
The gap between renting and buying is narrowing across the U.S., down 8% from last year.
Home ownership is 38% cheaper than renting, although the numbers do vary slightly depending on your region. Owning is only 5% cheaper than renting in Honolulu, but is 66% cheaper in Detroit.
Even though home prices have been on the rise, low mortgage rates have continued to make home ownership a better financial decision.
Owning a home will continue to be cheaper than renting until interest rates reach 10.6%.
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Read more: Property Wire
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