As of January 2024, only two major U.S. metro areas, Detroit and Pittsburgh, offer cheaper home buying options compared to renting, indicating a shift towards a more renter-friendly market. Nationally, median rental costs have slightly decreased, while homeownership costs, including mortgage rates and maintenance, have risen significantly. This trend is expected to lead to an increase in renter households and a decline in homeownership rates in 2025, as many areas report substantial year-over-year declines in rental prices.
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