Rent Prices Growing Faster Than Pre-Pandemic: CoreLogic

Widespread unemployment has not managed to dampen rent growth in most parts of the country

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  • Rent prices across the country rose by 3.7 percent in November, a significant spike from 2.8 percent rise recorded during the same time last year.
  • Single-Family Rent Index report released by CoreLogic on Tuesday, rent growth has picked up and is accelerating at a rapid speed even as the country grapples to control the pandemic. 
  • Due to low inventory, unemployment has yet to make as much of an impact on rental prices as many analysts predicted at the start of the pandemic.

For Those Sellers and Buyers On The Fence

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Homesnap found that American homeowners will spend an average of 25.1% of their monthly income on their housing while renters will spend 37.9%

Despite high home prices, putting off a purchase to wait for a better deal may not be the best idea after all. Long-term, owning is more affordable than renting almost anywhere in the country, according to a new report released by home search platform Homesnap.

Looking at factors like the average monthly wages, monthly rents, monthly rental insurance payments and median home values, Homesnap has found that owning is more affordable than renting in 94.39 percent of cities in the United States.

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