For years, the costs of renting and owning were relatively in sync. That changed in 2021 when the cost of home buying started to skyrocket. And unlike many pandemic-era trends that have since reverted to the norm, this particular one is here to stay “for some time,” according to CBRE.

“With average mortgage payments 38% higher than average apartment rents as of year-end 2023, many U.S. households are continuing to rent rather than buy a home,” they wrote. “Even though the premium to buy a home may come down over the next several years based on home-price, interest-rate and rent-growth forecasts, it is expected to remain high enough to keep today’s renters renting for longer.”


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Erik Sherman

GlobeSt

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