October 13, 2019

Still on the fence about renting vs. owning? The former is getting more expensive

It’s an age-old question that gets asked time and again by folks on the fence: Is it better to buy a home or rent? The answer, of course, has always depended on personal circumstances and market conditions.

But lately, many experts say the verdict is becoming more evident. That’s because rent prices are through the roof in many metros. In fact, rent values have risen for nine straight months and are up year-over-year in 49 of the country’s top 50 markets, per the most recent Zillow Real Estate Market Report issued at the time of this writing. Looking closer, the median U.S. rent increased 3% on an annual basis to $1,483 a month. Compare that to about $1,372—the national average paid monthly for mortgage principal and interest plus taxes and insurance, according to an HSH.com report issued in May.

In my latest article for CTW Features, I explore this topic in greater detail. Check out its publication in the Kansas City Star here.