The US median rental price surged 19.8% year-over-year in January, outpacing monthly starter homeownership costs in the majority of large markets despite competitive buying conditions, according to Realtor.com.
As housing affordability issues rise across the biggest US markets, new data suggests many renters who make the transition to first-time buying could save on monthly payments.
In January, the monthly cost of buying a starter home was more affordable than renting a similar-sized unit in 26 of the 50 largest metros, led by secondary cities such as Birmingham, Ala., Cleveland and Pittsburgh.
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