1040 ET - Most U.S. metros have become more affordable for buyers and renters over the past year, but renting remains cheaper than buying in all but Detroit and Pittsburgh, according to Realtor.com. Last year, buying was less expensive in six markets, reflecting falling rents and high mortgage rates. The trend leans towards renting, with only Pittsburgh--$229,700 median price--and Detroit--$239,950--favoring buying. Despite a drop in rents from 2023 and 2024, they're still 16.1% higher than in January 2020, impacting renters' budgets. This affordability shift could boost renter households and lower homeownership rates in 2025. (chris.wack@wsj.com)
(END) Dow Jones Newswires
February 18, 2025 10:40 ET (15:40 GMT)
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