Leave a Message

Thank you for your message. We will be in touch with you shortly.

Renting vs. Buying: Why Now Might Be the Perfect Time to Make the Move

2024 Housing Market

Renting vs. Buying: Why Now Might Be the Perfect Time to Make the Move

Buying Beats Renting in 22 Major U.S. Cities

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):

No Caption ReceivedAs 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

Renting versus buying is an age-old debate, and the current market dynamics could make this the turning point that tips the scales toward buying for many people. With rising rent prices and historically low inventory driving up costs across many cities, buying is becoming increasingly attractive. Even in budget-friendly metros where rent was once a more economical option, the balance is shifting. Homeownership not only builds equity but also offers stability, control over your living situation, and the potential for long-term financial gain.

If you're considering the pros and cons, now is the perfect time to explore your options and see if buying aligns better with your goals. Whether you're in a city where the market already favors buying or in any town across the spectrum, let’s connect. At Avant ONE Real Estate, we’re here to discuss your unique situation and explore how we can turn the current market dynamics to your advantage.


Recent Blog Posts

Stay up to date on the latest real estate trends.

move up buyer

Now Is the Perfect Time To Upgrade to Your Dream Home in Ventura County

Leverage Your Equity and Take Advantage of Lower Mortgage Rates to Make Your Move in Westlake Village, Thousand Oaks, and Beyond

2024 Housing Market

Renting vs. Buying: Why Now Might Be the Perfect Time to Make the Move

Explore How Market Shifts are Making Homeownership a Smart Choice in Budget-Friendly Cities and Beyond

A Spanish-style home with a white stucco exterior and a terracotta tile roof.

expired listing solutions

Why Your House Didn’t Sell: Top Reasons and Proven Solutions for a Quick Re-Listing

Frustrated with an expired listing? Discover the key factors that may have held your home back and the strategies to get it sold fast.

falling mortgage rates

Why Falling Mortgage Rates Make Now the Perfect Time to Sell Your Home

More Buyers, Lower Rates: How a Shifting Market Can Benefit You as a Seller

home buying process

Why Buying a Home Now Could Be Your Best Long-Term Investment

Discover How Homeownership Builds Wealth Through Equity and What Experts Predict for Future Home Prices

choosing the right realtor

Don’t Fall for These Common Real Estate Agent Myths: How the Right Agent Makes All the Difference

Debunking Common Misconceptions About Real Estate Agents to Help You Make the Best Choice for Your Home Sale or Purchase

55 + communities

Where Will You Go When You Sell? Navigating Your Next Move in The Conejo Valley

Downsizing, Moving, or Staying Local: How to Choose the Right Home After Selling

4 Clear Signs Your Home May Be Overpriced in The Conejo Valley: How to Course Correct

Low Inventory, Climbing Prices, and What Every Seller Needs to Know to Sell Fast in Westlake Village and Thousand Oaks

Westlake Village Luxury Real Estate

Luxury Real Estate in The Conejo Valley: A Thriving Market for Million-Dollar Homes

Discover the Growth of the Luxury Housing Market in Westlake Village, Thousand Oaks, and Beyond

Let’s Talk

You’ve got questions and we can’t wait to answer them.

Follow Us on Instagram