But home prices are still on the rise, according to a November 28 note from Selma Hepp, the chief economist at CoreLogic.
The outcome is that many remain renters, which drives up demand for rental property and the cost of rent.
If the cost of rent is 20% below the price of owning a home monthly, then it may be comparable.
Rent prices are based on listings from Rent.com.
For example, take the cost of rent over five years; let's say it's $3,000 x 12 months = $36,000 annually.
Persons:
Selma Hepp, they'll, Suzanne Miller, Miller, Price, Shmuel Shayowitz, Shayowitz
Organizations:
Business, Home, Empire State, Seattle -, Dallas, Fort, Redfin, Kansas, Jacksonville, Birmingham, NA Milwaukee, Phoenix, Boston, Orlando, Virginia, KY, UT, Oklahoma
Locations:
Redfin . Metro, Seattle, Dallas, Seattle - Tacoma, Bellevue, Everett, Tacoma, Fort Worth, Metro, Columbus, Providence, RI, Kansas City, Angeles, Buffalo, NY, Indianapolis, York, Hartford, Jose, Antonio, Minneapolis, Detroit, MI, Virginia Beach, Louis, Washington, San Diego, Atlanta, Richmond, Cincinnati, San Francisco, Philadelphia, Tampa, WA, Denver, Riverside, CA, Cleveland, Baltimore, Pittsburgh, Charlotte, NC, Orleans, LA, Nashville, TN, Memphis, Raleigh, Louisville, Jefferson County, Houston, Salt Lake City, Miami, Chicago, Sacramento, Vegas, Portland, Austin, New York City