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☆ Homeowners associations can be a boon, or bust, for buyers. Here's how to vet HOAs when house hunting
▼ + stars: | 2023-11-05 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Different types of homes can be affiliated with an HOA, from single-family homes to co-operatives. Single-family homes are separate units where residents own both the plot of land and the house on it, said Clare Trapasso, executive news editor at Realtor.com. They have their own entrances and access to the street and don't share utilities or other systems with other homes. In a condo, residents own their individual units but jointly own the land and the common areas with other residents. Condos are run with a board of people on the homeowners association making decisions for the community, said Jaime Moore, a premier agent for Redfin.

Persons: Clare Trapasso, Jaime Moore, Thomas M, Skiba, Homebuyers, Moore, Redfin's Moore Organizations: Community Associations Institute Locations: New York, Boston, HOA, Nevada

☆ Home sellers are slashing prices in these 13 cities, and there's new evidence that houses will get even cheaper in early 2024
▼ + stars: | 2023-11-02 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Home values have held up this year despite historically high mortgage rates, but a new report from Realtor.com suggests that property prices could fall under pressure in the coming months. The firm said that price growth was flat — even as mortgage rates rose to a 23-year-high. Higher borrowing costs dampened demand, though it's possible homebuyers were worried that mortgage rates would soar even higher and wanted to buy before that could happen. Limited supply kept property prices afloat, as Realtor.com found that inventory fell 2% from October 2022. 13 cities where sellers are cutting pricesWhile listing prices are falling across the nation, the trend is especially noticeable in the South and Midwest.

Persons: Danielle Hale, Realtor.com, Hale, it's Locations: West, Midwest, Antonio , Texas, San Jose , California, Memphis , Tennessee, Dallas , Texas, Miami , Florida, South

☆ The allure of Tennessee: Why Floridians are trading their sandy beaches for a quieter life
▼ + stars: | 2023-10-31 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +6 min

Floridians, Texans, and Californians in particular are relocating there for a slower pace of life. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementLindsey Moore, a mom of three and a dental technician who posts about her life on TikTok @lindseyswagmom , recently extolled the virtues of her new home state: Tennessee. She said many Floridians are packing up for places like Knoxville, Tennessee; Greenville, South Carolina; and Huntsville, Alabama, which she collectively calls "the Villes." "People are moving to simpler places because the places that they're leaving are becoming very, very complicated."

Persons: —, Lindsey Moore, TikTok @lindseyswagmom, Moore, didn't, Texas —, Rachael Wedekind, Jamie Foreman, Holly Meyer Lucas, Meyer Lucas, they're, Michael Tyler Organizations: Texans, Service, Volunteer, Memphis, . Software, Oracle, Facebook, Sunshine, Golden State, Knoxville Locations: Tennessee, Floridians, Knoxville, Nashville, Memphis, Florida, California, Texas, New York, Pennsylvania, Smoky, Relocators, Miami, Orlando, Tampa, Knoxville , Tennessee, Greenville , South Carolina, Huntsville , Alabama, Sacramento, Jonesborough

Home prices rose 0.4% in August and at an annual rate of 2.6%, as low inventories buoyed prices even while mortgages hit the 7% level. The CoreLogic Case-Shiller index for the month found 12 of the 20 cities in the index saw higher prices in August from the year-ago period. home prices continued to rise in August 2023,” said Craig J. Lazzara, managing director at S&P DJI. “The year’s increase in mortgage rates has surely suppressed housing demand, but after years of very low rates, it seems to have suppressed supply even more. Political Cartoons on the Economy View All 604 Images“The affordability challenge is being exacerbated by persistently higher mortgage rates,” said Lisa Sturtevant, chief economist for Bright MLS.

Persons: ”, Craig J, Lazzara, ” Selma Hepp, Lisa Sturtevant, Hannah Jones, That’s, Rhys Williams, It’s, Venkat Balakrishnan, –, Dana Peterson, “, ” Peterson Organizations: Bright MLS, Federal Reserve, ”, Census Bureau, “, Realtor.com, Management, Fed, Conference Board, Hamas, Financial Group Locations: Chicago, New York, Detroit, Las Vegas, “, Israel

☆ New homes are faring better in the housing market, says Realtor.com's Danielle Hale
▼ + stars: | 2023-10-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNew homes are faring better in the housing market, says Realtor.com's Danielle HaleDanielle Hale, Realtor.com chief economist, joins 'Power Lunch' to discuss the health of the housing market.

Persons: Danielle Hale Danielle Hale

☆ Owning a home is within reach in these 10 cities, where buyers need less cash to achieve the American Dream
▼ + stars: | 2023-10-29 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +2 min

Realtor.com has identified the top 10 US cities where homebuyers make the smallest down payments. "A lot of folks just don't have that extra cash," the report's author said of 20% down payments. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Realtor.com has tracked the ten cities where buyers are making the smallest down payments. These are the top 10 cities where homebuyers are making the smallest down payments, according to Realtor.com.

Persons: Realtor.com, —, Clare Trapasso, Trapasso Organizations: Service Locations: Killeen , Texas, South, Midwest

☆ Affordable apartments are getting snapped up quickly — but rental units in these 18 cities are significantly cheaper now than they were last year
▼ + stars: | 2023-10-23 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Rent is steadily sliding in the US, but great deals on apartments are still few and far between. A new report from Realtor.com revealed that rent growth was negative for the fifth straight month in September. That problem is slowly getting addressed as 445,000 new multi-family units come online, though they're selling very quickly. Nearly 70% of new affordable apartments got filled within three months of completion in the second quarter compared to a 57.2% rate for more expensive units, Realtor.com found. The trend was pronounced across all the four major US regions, though less pricey Midwest markets had the most dramatic rise in so-called absorption rates of new rental units.

Persons: Realtor.com, Realtor.com's Jiayi Xu, Danielle Hale, Xu, Hale, shouldn't Organizations: shouldn't Locations: Midwest, Austin , Texas, California, San Francisco, Los Angeles

☆ Wall Street and money moved into South Florida, driving up prices. Now some residents want to move out.
▼ + stars: | 2023-10-22 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +10 min

They're looking to nearby smaller cities in South Carolina, North Carolina, Georgia, and Tennessee. They're picking places like Knoxville, Tennessee; Greenville, South Carolina; Huntsville, Alabama; and Asheville, North Carolina; which she collectively refers to as "the Villes." AdvertisementAdvertisementWhy CEOs moved their lives — and their businesses — to FloridaWall Street moved to South Florida in droves in 2020 and 2021. Billionaire hedge-fund CEOs — like Citadel's Ken Griffin — paid record-shattering amounts for South Florida homes , added offices, and moved their businesses there entirely from New York, Chicago, and Silicon Valley. They bought a 2,400-square-foot, four-bedroom home on an acre of land for the same price in Greenville, South Carolina.

Persons: —, There's, Nicole Panesso, Holly Meyer Lucas, Meyer Lucas, Ken Griffin —, Brian Guzman, Guzman, Jonathan Miller, Ken Griffin, PATRICK T, FALLON, It's, Larry Ellison, Miller, Michael Bordenaro, Greg May, Marcia Straub, Keller Williams, Jill Cody, she's, Ryan Wilson, Jami, Alexander Spatari, Jami Wilson Organizations: Service, Sunshine State, Census Bureau, Orlando, Coral, Fort Myers, Florida Wall, Billionaire, Guzman Advisory Partners, Getty, West Palm Beach, Florida Atlantic University, Silicon, Oracle, South, South Florida metros, Fortune, Miami, Homes, Army Locations: Florida, Greenville, Knoxville, South Florida, Chattanooga , Tennessee, South Carolina, North Carolina , Georgia, Tennessee, Knoxville , Tennessee, Greenville , South Carolina, Huntsville , Alabama, Asheville , North Carolina, Realtor.com, Asheville, Miami, Gulf Coast, New York, Chicago, Silicon, West Palm, Fort Lauderdale, Palm Beach, Texas, North Carolina, Greensboro, Fort

☆ September home sales drop to the lowest level since the foreclosure crisis
▼ + stars: | 2023-10-19 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

This is the slowest sales pace since October 2010, during the Great Recession, when the market was in the midst of a foreclosure crisis. As a comparison, just two years ago, when mortgage rates hovered around 3%, home sales were running at a 6.6 million pace. Adding to higher mortgage rates, the median price of a home sold in September was $394,300, up 2.8% year over year. That's because there is more supply at the higher price points and because higher-end buyers can often use cash. Mortgage demand is now at the lowest level since 1995, according to the Mortgage Bankers Association.

Persons: Lawrence Yun, Danielle Hale Organizations: National Association of Realtors, Mortgage News, Federal, Mortgage, Association

☆ Starboard says Rupert Murdoch's News Corp should break up
▼ + stars: | 2023-10-17 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Jeff Smith, CEO and chief investment officer of Starboard Value, L.P., speaks at a panel discussion at the SALT conference in Las Vegas May 14, 2014. Smith's remarks at the 13D Monitor Active Passive Investor Summit came after Reuters revealed last week that Starboard had become a News Corp shareholder, a prelude to a potential shake-up at Murdoch's media empire. "We believe separate news and real estate assets could help unlock $7 billion or more in value," he added. Starboard, which has pushed for changes at companies ranging from Salesforce (CRM.N) to Darden Restaurants <DRI.N,> would struggle to shake up News Corp without Murdoch's consent. If News Corp separates its real estate assets, shareholders would benefit, Smith said.

Persons: Jeff Smith, Rick Wilking, Rupert, Smith's, Smith, REA, Murdoch, Lachlan, Svea Herbst, Bayliss, Sharon Singleton, David Gregorio Our Organizations: SkyBridge, Rupert Murdoch's News Corp, 13D, Investor, Reuters, News Corp, Dow Jones, Street, Darden, Corp, Svea, Thomson Locations: Las Vegas

☆ Floridians are looking to move to these 7 states
▼ + stars: | 2023-10-17 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +2 min

Many Floridians have been priced out and are eyeing a move to nearby states. Florida homeowners were happy to make the million-dollar profits selling to wealthy families from New York and California, Meyer Lucas said. But people now are taking these profits "out-of-state along with the people who are teachers, cops, and firefighters," Meyer Lucas said. Realtor.com data shows that Floridians are looking at homes in Georgia the most, as well as other surrounding Southern states. Below are the top seven states Floridians searched for homes between July and October, according to Realtor.com.

Persons: —, they're, Holly Meyer Lucas, Meyer Lucas, Floridians Organizations: Service Locations: Florida, —, New York, California, Carolinas, Alabama, Georgia, Southern, Texas

☆ Starboard dusts off old plan at News Corp
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

A view of the signage outside the News Corporation building in New York, U.S., September 21, 2023. REUTERS/Bing Guan Acquire Licensing RightsNEW YORK, Oct 16 (Reuters Breakingviews) - Maybe it takes a pile on to move the Murdoch family’s thinking. Reuters reported on Friday that Jeff Smith’s Starboard is the latest activist to try and unlock value at News Corp (NWSA.O), the publisher of the Wall Street Journal, owner of book conglomerate HarperCollins and Realtor.com. Starboard, which took a position in the $13 billion company, is pushing for a spinoff of the real estate assets, according to the Wall Street Journal. Last year Irenic Capital Management agitated for the same transaction in reaction to the Murdochs’ desire to reunite News Corp with broadcasting company Fox (FOXA.O).

Persons: Bing Guan, Murdoch, Jeff Smith’s, pushback, Jennifer Saba, Jean, Pierre Mustier, Atos, Larry Fink, Uncle Sam, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: News Corporation, REUTERS, Reuters, News Corp, Wall Street Journal, HarperCollins, Wall Street, Capital Management, Fox, X, Thomson Locations: New York, U.S, Europe

☆ Home prices are dropping fast in Phoenix. Here are 6 of the lowest-priced real estate listings there right now — including one at $215,000.
▼ + stars: | 2023-10-15 | by ( Haley Tenore | ) www.businessinsider.com time to read: +2 min

Phoenix was a pandemic boomtown, but home prices there are falling, according to a Realtor report. As of August 2023, the median home price in Phoenix was $537,900, down 1.2% compared to last year. But now some of these pandemic boomtowns are seeing home prices fall: Phoenix is one. AdvertisementAdvertisementWe combed through real estate listings to find five of the lowest-priced homes right now in the Phoenix area. Here's an idea of what you can get in the Phoenix area as of October.

Persons: —, Realtor.com, it's Organizations: Service, Phoenix Locations: Phoenix

☆ Locals are being priced out of Texas and Florida. Here's where they're looking for affordable homes instead.
▼ + stars: | 2023-10-15 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +3 min

Home prices in Texas and Florida have increased 30% and 42% since 2019, according to Realtor.com. AdvertisementAdvertisementAs people across the US relocate to Florida and Texas, locals are feeling squeezed — and searching elsewhere for affordable homes. The typical cost of a home in Texas has spiked 30% since 2019, according to Realtor.com, and 42% in Florida during the same time period. These residents are increasingly searching on Realtor.com for homes outside of their state, suggesting they're willing to chase affordability across the country. AdvertisementAdvertisementFloridians are priced out too, and looking elsewhereMeanwhile, Floridians are eyeing homes nearby.

Persons: —, Hannah Jones, staters, Realtor.com, Holly Meyer Lucas, who's, Meyer Lucas Organizations: Realtor.com, Texans, Service, Wall Street Journal Locations: Texas, Florida, North Carolina , Tennessee, Georgia, South Carolina, Wisconsin, Minnesota, Tennessee , Colorado, Missouri, Alabama, South Florida

☆ Exclusive: Activist hedge fund Starboard eyes Rupert Murdoch's News Corp -sources
▼ + stars: | 2023-10-13 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

The fund's plans and the size of its stake in News Corp could not be learned. News Corp declined to comment and Starboard did not respond to a request for comment. Starboard, which has pushed for changes at companies ranging from Salesforce (CRM.N) to Darden Restaurants (DRI.N), would struggle to shake up News Corp without Murdoch's consent. Irenic did succeed in drumming up investor opposition to Murdoch's proposed merger with his other company Fox Corp (FOXA.O), forcing him to abandon the plan. Reporting by Svea Herbst-Bayliss in New York Editing by Greg Roumeliotis and David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Rupert Murdoch, Lachlan Murdoch, Bing Guan, Jeffrey Smith, Rupert Murdoch's, Smith, Murdoch, Dow Jones, Irenic, Murdoch's, Lachlan, Svea Herbst, Bayliss, Greg Roumeliotis, David Gregorio Our Organizations: News Corporation, News Corp, Fox, REUTERS, 13D, Investment, New York Times Co, Darden, Corp, Irenic Capital Management, Wall Street, Fox Corp, Reuters, Svea, Thomson Locations: New York, U.S

The average rate on the benchmark 30-year home loan rose to 7.57% from 7.49% last week, mortgage buyer Freddie Mac said Thursday. The average rate on a 30-year home loan climbed above 6% in September 2022 and has remained above that threshold since. This marks the first 12-month period that the benchmark mortgage rate has been at 6% or higher since the early 2000s. It's now at the highest level since Dec. 1, 2000, when it averaged 7.65%. "With mortgage rates well above 7%, some prospective homebuyers are turning to ARMs to lower their monthly payment in the short term amidst these high mortgage rates,” said Bob Broeksmit, the MBA's CEO.

Persons: Freddie Mac, It's, ”, Hannah Jones, there's, Bob Broeksmit Organizations: ANGELES, —, Mortgage, Association, Treasury, U.S Locations: U.S

☆ 5 Southern cities where houses are shrinking
▼ + stars: | 2023-10-11 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +1 min

The typical home for sale in the South is smaller than it was pre-pandemic. Builders are constructing smaller homes and many homes for sale are in denser places, like cities. AdvertisementAdvertisementMore smaller homes are on the market in the South than pre-pandemic, Danielle Hale, Realtor.com's chief economist, told Insider. It's driven the median listing price of homes up 35.7%. Below, five cities in the South where homes have gotten smaller as they've gotten more expensive since the start of the pandemic.

Persons: —, Danielle Hale, It's, Hale Organizations: Service

New York CNN —Sheila Bair, who had a front row seat to the subprime mortgage meltdown, is worried today’s housing market is unsustainably hot. A housing bubble can form when prices rise to unsustainable levels. “I see much less speculation in the housing market today, thank goodness,” said Bair. ‘Dizzying heights’Legendary investor Jeremy Grantham shares Bair’s concern about a housing bubble. In many ways, today’s housing market is the polar opposite of the one that preceded the Great Recession.

Persons: Sheila Bair, ” Bair, Bair, ”, she’s, there’s, Jeremy Grantham, ” Grantham, Goldman Sachs, Fannie Mae, Priscilla Almodovar, it’s, ” Almodovar, Lawrence Yun, homebuyers shouldn’t, ” Yun, Yun, America doesn’t Organizations: New, New York CNN, National Association of Realtors, CNN, Federal Deposit Insurance Corp, NAR, “, UBS Locations: New York, Los Angeles, San Diego, Richmond, Cincinnati, Zurich, Tokyo, Miami, Toronto, Vancouver, London, America, “

☆ The 11 major U.S. cities where home prices have risen the most—No. 1 isn't New York or San Francisco
▼ + stars: | 2023-10-10 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

Home prices continue to increase in most major U.S. cities, even as rising mortgage costs have discouraged buyers, a Realtor.com report finds. The price gains are most felt in Greater Los Angeles, where home prices increased 23.8% over the 12 months ending in September 2023, according to Realtor.com data released Thursday. California has a longstanding housing shortage — perhaps the worst in the country — so home price growth in L.A. and San Diego isn't overly surprising, especially considering price gains in recent years. Median home prices in L.A. and San Diego have increased by 38% and 48% since January 2020, respectively, based on Realtor.com's active listings data. As for some smaller markets with big price gains — such as Richmond, Cincinnati, Columbus and Rochester — the "commonality is that they're relatively affordable, so demand remains relatively high," says Hale.

Persons: Danielle Hale, Diego isn't, Hale Organizations: Richmond, Boston, Pittsburgh, CNBC, Diego, Homes Locations: U.S, Greater Los Angeles, San Antonio, Los Angeles, Diego, Cincinnati , Ohio, Providence , Rhode Island, Massachusetts, Columbus , Ohio, Rochester , New York, Chicago, Indianapolis, Realtor.com . California, L.A, San Diego, Richmond, Cincinnati, Columbus, Rochester

☆ Home prices in Austin, Texas, are down after an expensive few years — see homes you can buy for under $400,000
▼ + stars: | 2023-10-09 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +2 min

Home prices in Austin, Texas, are coming down after a pandemic hot streak, according to Realtor.com. Here's what you can buy in Austin now for less than the national median home price of $416,100. AdvertisementAdvertisementHome prices in the pandemic boomtown of Austin, Texas, are starting to come back down to earth. In May 2019, the median list price for a home in Austin was $371,056, according to Realtor.com. That's a 2% decrease year-over-year, which may not sound like much, but is enough to rank Austin as the No.

Persons: —, Sheharyar Bokhari, Austin Organizations: Service, Austin Chamber of Commerce, Lone Star State Locations: Austin , Texas, Austin, That's

☆ 4 cities in the South where home prices are falling
▼ + stars: | 2023-10-07 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +2 min

In four southern metros home prices fell over 1% in September, per Realtor.com. Houston, Memphis, Raleigh, and San Antonio had experienced high home prices as people moved there. Those locations have more homes for sale than in other places, so buyers have more power. AdvertisementAdvertisementFour of the 50 largest metro areas had a drop in home prices last month, compared to September 2022. For example, in San Antonio, where prices dropped most of the four cities, the inventory of homes for sale in September grew 24% compared to a year earlier.

Persons: San Antonio, —, Evan Wyloge, Danielle Hale, there's Organizations: metros, Service, Houston Public Media Locations: Houston, Memphis, Raleigh, San, Houston , Memphis, San Antonio

☆ Home prices in Lakeland, Florida, are falling faster than the rest of the US — see what you can get for under $340,000
▼ + stars: | 2023-10-05 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +1 min

Home prices are cooling in Lakeland, Florida, according to Realtor.com. Here's what you can get for around the typical home price in the city right now. AdvertisementAdvertisementIt's hot all year in Lakeland, Florida, but the housing market there is actually cooling down right now. The typical listing price in Lakeland was just about $360,000 in August, below the national median $435,000, according to Realtor.com. AdvertisementAdvertisementIf a family bought a home in Lakeland right now, it would cost around $2,000 a month, according to Insider's mortgage calculator .

Persons: —, you've Organizations: Service Locations: Lakeland , Florida, Lakeland, Lakeland —, Tampa

☆ Ski towns in the American West are getting swankier — and pricing out frustrated locals
▼ + stars: | 2023-10-01 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +8 min

Driggs, Idaho, is the latest western mountain town to grapple with an surge of outsider money. AdvertisementAdvertisementChristina Assante bought a half-acre lot in Driggs, a ski town on the border of Wyoming, for $500,000 in 2021. Assante, and her son, Asher, are a part of a growing population setting course for the burgeoning ski town that was once overshadowed by its trendy neighbor Jackson, Wyoming. AdvertisementAdvertisementAn uncharted ski town in Idaho is ready to explodeIn Driggs, the town's expansion trajectory hangs in the balance as a, more literal, expansion is being organized. Locals are being pushed further outside of this Colorado ski townVail, Colorado, an expensive ski town a little less than 100 miles outside of Denver, could be viewed as a cautionary tale for Driggs and other budding ski towns.

Persons: —, Rich, Dutton, Luke Smith, Engel, Völkers Jackson, Cindy Riegel, Christina Assante, Assante, Michael, Asher, Driggs, Riegel, Allison Weibel, Steve Estvanik, Weibel, Vail, Michelle Badger, Redfin, it's, Mack, Keller Williams, Everdawn Charles, Tamara Williams, Kevin Costner's, Todd O'Hair, Montana's, Jackson, Paul Diegel Organizations: Service, Wall Street Journal, Journal, Census Bureau, New York Times, Times, Vail Resorts, Denver, Getty Images, Montana Chamber of Commerce Locations: Driggs , Idaho, Teton County , Idaho, Wyoming, Alta , Wyoming, Driggs, Jackson , Wyoming, Colorado and Montana, Idaho, Alta, Colorado, Vail , Colorado, Denver, Vail, Gypsum , Colorado, Vail —, Breckenridge, Dillon, Frisco, Bozeman , Montana, DianeBentleyRaymond, Getty Images Bozeman, Yellowstone, . Bozeman, Bozeman, Montana, Park City, Aspen

☆ How Florida became America's 2nd-most-valuable housing market
▼ + stars: | 2023-10-01 | by ( Dan Latu | ) www.businessinsider.com time to read: +5 min

Florida beat out New York to become the country's second-most-valuable housing market, Zillow said. Of the top six markets that gained the most value since the onset of COVID-19, four are in Florida. The market boom is driven by an influx in new residents putting more demand on the housing stock. Florida welcomed 655,000 new residents since the start of the pandemic, according to Census estimates reported by Insider in March. Stefanie Mortenson traded her life in Virginia for a $159,000 tiny home near Tampa, Florida.

Persons: Zillow, —, Stefanie Mortensen, Stefanie Mortenson, Noelle Lane, Nicole Panesso, There's, David Triana Organizations: Florida, Service, Sunshine, Bloomberg, Florida Atlantic University, Florida International University, Tampa, North, Coral, Lakeland, Cape Coral, Joint Center for Housing Studies, Harvard University Locations: New York, Florida, California, Tampa, Miami, Jacksonville, Orlando, Virginia, Tampa , Florida, North Port, Palm, Gulf Coast, Naples, Cape, Georgia, Tennessee, Nicole Panesso South Florida, Fort Lauderdale, Chattanooga , Tennessee, Clermont , Florida

☆ These are the 10 best cities for apartment dwellers as mortgage rates stay oppressively high — and the 3 housing markets where buying a home is actually cheaper than renting
▼ + stars: | 2023-09-30 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Lower rent prices and multi-decade-high mortgage rates mean that it's smarter to rent than buy in most large US cities right now, according to Realtor.com. Disparities between buying and renting stemmed from a split in how median costs changed in the last 12 months. "The advantage of renting became more pronounced in all rent-favoring markets," Xu and Hale wrote. But there were three cities where buying was actually cheaper than renting in August, according to Realtor.com: Memphis, Tennessee; Pittsburgh, Pennsylvania; and Birmingham, Alabama. Below are the 10 metro areas where renting makes more sense than buying right now, along with the median rent, the median monthly cost of buying and how it compares to renting, and the year-over-year changes for renting and buying.

Persons: Jiayi Xu, Danielle Hale, Xu, Hale, Realtor.com, Freddie Mac Locations: Realtor.com, Memphis , Tennessee, Pittsburgh , Pennsylvania, Birmingham , Alabama

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