Most of the US metros where it is more expensive to own than rent are located throughout the Western United States, according to new research from the National Association of Realtors.
Against the backdrop of a record-breaking year for home sales and home rentals—and with prices both metrics rising at a double-digit pace—continue to rise exponentially, it is more expensive to own a single-family existing home in 101 out of 178 metro areas (56%) surveyed by NAR.
The most expensive cities for homeownership include San Jose, San Francisco, Urban Honolulu, Barnstable Town, San Diego-Carlsbad, Seattle-Tacoma-Bellevue, and Yakima. By way of illustration, in the San Jose area the expected monthly cost associated with owning a home is $11,291 compared to $2,709 to rent an apartment.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
