Is the Cost of Renting Catching Up with the Cost of a Mortgage Payment?

In an examination of median monthly rental payments in relation to median monthly mortgage payments, housing economist at Capital Economics, Paul Diggle, argues that the monthly payments of both housing types are catching up to each other. According to Diggle, “A 33 percent drop fall in home prices, a plunge in mortgage rates and 15 percent rise in rents since the housing crash has evened the scales. Today, the median monthly mortgage payment of about $700 has fallen to about the level of a median monthly rent check.” Even still, who is likely to fair better in the long run – the renter or homeowner?

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