HOME-BUYING MUCH

It now costs 52% more to buy a home than rent one: ‘Never been a worse time’

By Shannon Thaler, New York Post

The average monthly mortgage payment is a whopping 52% higher than the average monthly rent on a house or apartment — a ratio that hasn’t been this out of whack since before the 2008 housing crash, according to The Wall Street Journal.

The last time the cost of buying a home versus renting one was this extreme was in 1996, The Journal reported, headlining its article “There’s never been a worse time to buy instead of rent,” citing data from commercial real estate firm CBRE.

Historically, monthly mortgage rates have cost the same or less than monthly rent payments on an apartment — which had been the case from 1996 to mid-2003 — since owners tend to put more cash into their homes than tenants because FINISH READING HERE

More News from Timonium

• Sparks Spot Tops Mom's Day List
• Moms Love This Century-Old Indulgence