Renting is Still More Affordable than Buying in All but Two Major U.S. Metros
Realtor.com's January Rent Report reveals that renting remains more affordable than buying in 48 of the 50 largest U.S. metros, with only Detroit and Pittsburgh as exceptions. The average U.S. median asking rent reached $1,703, showing a slight 0.2% year-over-year decline.
Despite falling rents, current rates still exceed January 2020 levels by $257 (16.1%). Pittsburgh ($229,700) and Detroit ($239,950) maintain the lowest median listing prices among top 50 metros. Three metros - New York, San Jose, and Detroit - show increasing income shares for both renting and buying, while Kansas City is becoming more buyer-favoring. Notably, 18 metros have become more rent-favoring, with higher income shares needed for buying compared to last year.
Il Rapporto sugli Affitti di Realtor.com di gennaio rivela che affittare rimane più conveniente rispetto all'acquisto in 48 delle 50 maggiori aree metropolitane degli Stati Uniti, con sole Detroit e Pittsburgh come eccezioni. L'affitto medio richiesto negli Stati Uniti ha raggiunto $1,703, mostrando una leggera diminuzione dello 0,2% rispetto all'anno precedente.
Nonostante la diminuzione degli affitti, le tariffe attuali superano ancora i livelli di gennaio 2020 di $257 (16,1%). Pittsburgh ($229,700) e Detroit ($239,950) mantengono i prezzi di listino mediani più bassi tra le prime 50 aree metropolitane. Tre aree metropolitane - New York, San Jose e Detroit - mostrano un aumento delle quote di reddito sia per l'affitto che per l'acquisto, mentre Kansas City sta diventando più favorevole agli acquirenti. È interessante notare che 18 aree metropolitane sono diventate più favorevoli agli affitti, con quote di reddito più elevate necessarie per l'acquisto rispetto all'anno scorso.
El Informe de Alquileres de Realtor.com de enero revela que alquilar sigue siendo más asequible que comprar en 48 de las 50 áreas metropolitanas más grandes de EE. UU., siendo Detroit y Pittsburgh las únicas excepciones. El alquiler medio solicitado en EE. UU. alcanzó $1,703, mostrando una ligera disminución del 0.2% en comparación con el año anterior.
A pesar de la caída de los alquileres, las tarifas actuales todavía superan los niveles de enero de 2020 en $257 (16.1%). Pittsburgh ($229,700) y Detroit ($239,950) mantienen los precios de lista medianos más bajos entre las 50 principales áreas metropolitanas. Tres áreas metropolitanas - Nueva York, San José y Detroit - muestran un aumento en las participaciones de ingresos tanto para alquilar como para comprar, mientras que Kansas City se está volviendo más favorable para los compradores. Cabe destacar que 18 áreas metropolitanas se han vuelto más favorables al alquiler, con cuotas de ingresos más altas necesarias para comprar en comparación con el año pasado.
Realtor.com의 1월 임대 보고서는 미국 50대 대도시 중 48개 도시에서 임대가 구매보다 더 저렴하다고 밝혔으며, 디트로이트와 피츠버그만 예외입니다. 미국의 평균 중위 임대료는 $1,703에 도달했으며, 전년 대비 0.2%의 소폭 감소를 보였습니다.
임대료가 하락했음에도 불구하고 현재 요금은 2020년 1월 수준보다 $257 (16.1%) 높습니다. 피츠버그($229,700)와 디트로이트($239,950)는 50대 대도시 중 중위 매물 가격이 가장 낮습니다. 뉴욕, 샌호세, 디트로이트의 세 대도시는 임대와 구매 모두에서 소득 비율이 증가하고 있으며, 캔자스 시티는 구매자에게 더 유리해지고 있습니다. 특히, 18개 대도시는 임대에 더 유리해졌으며, 지난해에 비해 구매를 위해 필요한 소득 비율이 높아졌습니다.
Le Rapport sur les Loyers de Realtor.com de janvier révèle que louer reste plus abordable que d'acheter dans 48 des 50 plus grandes métropoles américaines, avec seulement Detroit et Pittsburgh comme exceptions. Le loyer médian demandé aux États-Unis a atteint $1,703, montrant une légère baisse de 0,2 % par rapport à l'année précédente.
Malgré la baisse des loyers, les tarifs actuels dépassent encore les niveaux de janvier 2020 de $257 (16,1 %). Pittsburgh ($229,700) et Detroit ($239,950) maintiennent les prix de liste médians les plus bas parmi les 50 plus grandes métropoles. Trois métropoles - New York, San Jose et Detroit - montrent une augmentation des parts de revenus tant pour la location que pour l'achat, tandis que Kansas City devient plus favorable aux acheteurs. Notamment, 18 métropoles sont devenues plus favorables à la location, avec des parts de revenus plus élevées nécessaires pour acheter par rapport à l'année dernière.
Der Mietbericht von Realtor.com für Januar zeigt, dass Mieten in 48 der 50 größten US-Metropolen weiterhin erschwinglicher ist als Kaufen, wobei nur Detroit und Pittsburgh Ausnahmen sind. Die durchschnittliche US-Median-Miete erreichte $1,703 und zeigt einen leichten Rückgang von 0,2% im Vergleich zum Vorjahr.
Trotz sinkender Mieten liegen die aktuellen Raten immer noch um $257 (16,1%) über dem Niveau von Januar 2020. Pittsburgh ($229,700) und Detroit ($239,950) weisen die niedrigsten medianen Listenpreise unter den 50 größten Metropolen auf. Drei Metropolen - New York, San Jose und Detroit - zeigen steigende Einkommensanteile sowohl beim Mieten als auch beim Kaufen, während Kansas City für Käufer günstiger wird. Bemerkenswert ist, dass 18 Metropolen mieterfreundlicher geworden sind, wobei die Einkommensanteile, die für den Kauf benötigt werden, im Vergleich zum Vorjahr gestiegen sind.
- Rents declined 0.2% year-over-year, improving affordability
- Most metros have become more affordable for both buyers and renters
- Rents remain 16.1% higher than pre-pandemic levels (January 2020)
- Three major metros (New York, San Jose, Detroit) showing decreased affordability for both renting and buying
- 18 metros becoming less buyer-friendly with higher income requirements for purchasing
Insights
The latest housing market data reveals a pivotal shift in the rent-vs-buy equation that carries significant implications for real estate investors and market participants. The reduction to just two markets where buying outperforms renting (Detroit and Pittsburgh) signals a fundamental change in housing market dynamics, driven by the combined effects of high mortgage rates and moderating rental prices.
Three key trends deserve investor attention: First, the
Most notably, the data reveals an emerging opportunity in 18 metros that are becoming more rent-favoring, particularly in markets like Memphis (showing a
The persistence of above-pre-pandemic rental rates (
Average
"For most Americans owning a home is still a big part of the American Dream, yet the lower monthly costs of renting in all but 2 of the 50 largest markets are a key consideration," said Danielle Hale, chief economist, Realtor.com®. "This relative cost advantage is one of the reasons we expect an increase in renter households and declines in the homeownership rate in 2025."
Why is it More Affordable to Buy in
Is Renting Finally as Affordable as Before the Pandemic?
Even though rents are falling, renters are still feeling the pinch from the rapid rent growth of 2021 and 2022. While January 2025's rent figure is lower than both January 2024 and January 2023's, it still exceeds January 2020 by
Buy or Rent Favoring… Which Markets Fall Where?
While renting remains more affordable than buying across most metros, this report looks at the relationship among wage growth, mortgage rates, median rent and media listing price to see which metros are rent-favoring and which metros are buy- favoring.
Three metros–New York;
One metro,
Metros Becoming More Renter-Friendly and Less Buyer-Friendly
Metro | Percent of Income Spent on | Percent of Income Spent |
2.2 % | -0.4 % | |
1.0 % | -0.2 % | |
1.4 % | -1.4 % | |
0.2 % | -1.4 % | |
| 0.2 % | -1.3 % |
| 0.5 % | -1.9 % |
1.2 % | -1.8 % | |
0.4 % | -2.4 % | |
3.0 % | -0.1 % | |
| 0.6 % | -0.4 % |
| 1.4 % | -0.9 % |
0.6 % | -0.3 % | |
0.3 % | -0.7 % | |
1.8 % | -2.1 % | |
| 1.9 % | -0.4 % |
National Rental Data – January 2025
Unit Size | Median Rent | Rent YoY | Rent Change - 5 |
Overall | -0.2 % | 16.1 % | |
Studio | 0.0 % | 11.4 % | |
1-Bedroom | -0.1 % | 16.0 % | |
2-Bedroom | -0.2 % | 20.0 % |
50 Largest Metropolitan Areas – January 2025
Metro | Median Rent | YoY Change | Share of | Share of |
-2.9 % | 21.4 % | 28.4 % | ||
-4.8 % | 17.2 % | 30.3 % | ||
0.1 % | 22.5 % | 23.1 % | ||
-2.9 % | 20.1 % | 24.9 % | ||
0.5 % | 32.1 % | 45.8 % | ||
NA | NA | NA | NA | |
-1.2 % | 22.4 % | 32.3 % | ||
-3.6 % | 24.6 % | 24.8 % | ||
-0.7 % | 19.9 % | 25.0 % | ||
0.7 % | 17.7 % | 26.5 % | ||
-3.5 % | 19.5 % | 29.3 % | ||
-5.6 % | 20.2 % | 33.4 % | ||
1.3 % | 21.7 % | 20.7 % | ||
NA | NA | NA | NA | |
-1.8 % | 20.7 % | 28.5 % | ||
-1.7 % | 19.3 % | 23.6 % | ||
-1.0 % | 22.1 % | 29.4 % | ||
4.2 % | 20.3 % | 29.3 % | ||
| -2.2 % | 24.1 % | 40.4 % | |
-2.6 % | 35.9 % | 74.7 % | ||
0.5 % | 20.6 % | 26.4 % | ||
-4.3 % | 21.1 % | 30.8 % | ||
| -1.9 % | 37.6 % | 43.9 % | |
-0.2 % | 26.1 % | 30.6 % | ||
0.2 % | 18.7 % | 27.5 % | ||
-2.5 % | 21.7 % | 38.6 % | ||
NA | NA | NA | NA | |
5.8 % | 37.6 % | 49.5 % | ||
1.5 % | 17.1 % | 27.4 % | ||
0.0 % | 26.8 % | 35.1 % | ||
| -0.5 % | 23.8 % | 24.9 % | |
-3.5 % | 20.4 % | 36.6 % | ||
0.2 % | 23.5 % | 19.7 % | ||
-0.3 % | 21.1 % | 39.6 % | ||
NA | NA | NA | NA | |
-2.3 % | 18.2 % | 28.1 % | ||
-0.3 % | 20.3 % | 30.2 % | ||
-4.1 % | 28.8 % | 43.6 % | ||
NA | NA | NA | NA | |
1.0 % | 24.2 % | 41.1 % | ||
-2.1 % | 20.3 % | 27.8 % | ||
-4.8 % | 31.4 % | 57.7 % | ||
-3.3 % | 24.3 % | 41.4 % | ||
2.4 % | 25.2 % | 50.7 % | ||
-0.2 % | 20.8 % | 40.1 % | ||
1.4 % | 19.8 % | 21.6 % | ||
-1.6 % | 28.1 % | 34.0 % | ||
-0.8 % | 22.3 % | 30.4 % | ||
| 2.3 % | 21.9 % | 29.3 % |
Methodology
Rental data as of January 2025 for studio, 1-bedroom, or 2-bedroom units advertised as for-rent on Realtor.com. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the 50 largest metropolitan areas. Realtor.com began publishing regular monthly rental trends reports in October 2020 with data history stretching back to March 2019. Metro-level income is sourced from Claritas and median listing price data comes from Realtor.com listing data. Year over year affordability data has been recalculated with updated cost and income figures and is not directly comparable to previous iterations of rent-vs-buy analysis.
About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
Media Contact: Mallory Micetich, press@realtor.com
View original content:https://www.prnewswire.com/news-releases/renting-is-still-more-affordable-than-buying-in-all-but-two-major-us-metros-302378386.html
SOURCE Realtor.com
FAQ
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