According to a report by the Wall Street Journal on Oct. 22, The soaring cost of new homes is hitting prospective buyers in their wallets, as the average monthly mortgage payment now stands at a staggering 52% higher than the average monthly rent on an apartment. This concerning trend marks an all-time high based on data from the real estate firm CBRE.
Despite the high-interest rates, experts have noted that this might not be an entirely unfavorable moment to enter the housing market. Waiting for rates to drop could result in fiercer competition within the real estate market, as Daryl Fairweather, Redfin’s chief economist, pointed out.
As per David Meyer, vice president of data and analytics at the real estate investment platform BiggerPockets, there’s never a “perfect time” to buy a house. It is a decision influenced by individual circumstances and market dynamics, and prospective buyers must weigh their options carefully in the current challenging environment.
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Source: Black Enterprise