According to the latest real estate market report from Zillow, homes remain more affordable to buy in 94 of the country’s 100 largest metros compared to historic averages. On the other hand, renting is more expensive than ever in 88 of the country’s 100 largest markets.
“The affordability of for-sale homes remains strong, which is encouraging for those buyers that can save for a down payment and capitalize on low mortgage interest rates. But the health of the for-sale market is directly tied to the rental market, where affordability is really suffering” said Zillow Chief Economist Stan Humphries.
Home values jumped 6.5% year-over-year, while national rents increased 2.8% for the same time.