Mortgage payments for new homebuyers outpaced rent price increases in 25 of the 50 largest metro areas in the United States during August, according to a new report from real estate brokerage firm Redfin.
The national median monthly mortgage payment for homebuyers rose 67 percent faster than rents during the same period. However, nationwide, the average monthly rent of $1,836 is still larger than the $1,494 median monthly mortgage payment for new homebuyers.
Redfin reports that rents are climbing rapidly in some places such as many Florida metros, Riverside, Calif., Phoenix and Las Vegas. And nowhere has the pricing action been more pronounced than the "wild" Austin, Texas, market.
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