The monthly cost of renting a house is much cheaper than buying one despite the increasing rent prices.
Monthly Cost of Renting a House is More Affordable Than Buying One Despite Rent Price Hike
If you are looking for a place to settle, you might want to consider paying the monthly cost of renting a house instead of taking out a mortgage, as the monthly cost of renting a house is more affordable than buying one despite the increasing rent prices in the United States.
According to a report published in Gillett News, the monthly cost of renting a house is now considered cheaper; unlike before, buying a house or taking out a mortgage was better than paying the monthly cost of renting a house.
There are already several cities, including San Francisco, where the monthly cost of renting a house is more affordable because mortgage rates or buying a house also increase together with the increasing monthly cost of renting a house.
READ ALSO: House Rent Average Price Sees Steady Increase Over Five Years
Difference Between Monthly Cost of Renting a House and Buying One Depends on Economic Conditions
With the increasing market prices, the difference between the monthly cost of renting a house and buying one changed depending on the economic conditions in the local area or the capability of people to afford it.
Other cities, such as Cleveland and Philadelphia, reported a higher monthly cost of renting a house than buying one or taking out a mortgage, which led to other residents choosing to buy one instead of renting, Money reported.
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