The affordability gap has increased substantially over the past couple of years.
The gap is defined as the average cost of renting versus the average cost of owning in a specific market.
John Sebree, National Director, Multifamily Division, Marcus & Millichap, explained during a recent industry focus video, that for about a 10-year period, the affordability gap nationally averaged between $200 and $300 a month, and now it's above $1,300.
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