- The monthly cost to purchase the median home in the 50 largest metros was $1,988 in January 2021, compared to the median monthly rent of $1,727.
- On average, buying the median priced home accounted for 32% of a metro’s median income in January, while renting accounted for 27%.
- Buying a home was the same or more affordable than renting in 15 of the 50 largest metros analyzed in January, up from 13 markets a year ago.
- Top areas where buying is more affordable than renting include
- Cleveland-Elyria, OH
- Chicago-Naperville-Elgin, IL-IN-WI
- Pittsburgh, PA
- Riverside-San Bernardino-Ontario, CA
- Miami-Fort Lauderdale-West Palm Beach, FL
Renters looking to change their living situation–especially those…