Realtor.com® July Rent Report: Renting a Starter Home Costs Less Than Buying in All 50 Largest U.S. Metros, but the Gap Is Narrowing

Renting a starter home remains cheaper than buying in all 50 largest U.S. metros, with buying costs averaging $2,553 monthly versus $1,695 for rent. However, the rent advantage narrowed by $65 from last year as starter-home prices fell faster than rents. Seven markets show improving buying conditions due to declining home prices and rising wages, suggesting buying opportunities may be near despite renting still being less expensive overall.