Good news for many: the median sale price of houses sold in the U.S. has come down from its 2022 high of $442,600.
In some cases, renting is a “preferred, long-term lifestyle choice,” according to David Moore, founder and CEO of Knightvest Capital, a multifamily investment firm that commissioned a survey of more than 2,500 renters in September 2024.
But lifestyle can become a Hobson’s choice. A new report from CBRE points to a “significant affordability gap.” Mortgage payments for a new house are on average 35% more expensive than apartment rents. That is more likely the big factor pushing people into renting rather than a home purchase.
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