High home prices and mortgage rates are locking a lot of first-time homebuyers out of the market.
A monthly mortgage on a new home is now 52% higher than rent on an apartment, per WSJ.
Mortgage and rent used to roughly cost the same, according to CBRE.
AdvertisementAdvertisementThe average monthly mortgage on a new home is 52% higher than the average rent on an apartment as housing prices and interest rates continue to climb.
In the past, a monthly mortgage could cost the same or less as the monthly rent on an apartment, according to an April report from CBRE.
Persons:
—, Goldman Sachs, Daryl Fairweather, Redfin's, Insider's Jacob Zinkula, there's, David Meyer
Organizations:
Mortgage, Service, Street Journal
Locations:
CBRE