In Pittsburgh, the median home price was $229,700* with monthly mortgage payments averaging $1,199, compared to median rent of $1,413.
Realtor.com senior economist Joel Berner attributes this to Pittsburgh having one of the lowest median listing prices nationwide, but warns the advantage may be short-lived: “If this trend continues, Pittsburgh will become yet another metro where renting is more affordable than buying.”
Similarly, Detroit saw a median home price of $239,950 and average monthly mortgage of $1,252, below the median rent of $1,313.
Nationally, however, renting remains significantly cheaper than buying.
The median monthly rent across the top 50 metros was $1,703, compared with a monthly mortgage payment of $2,123 based on the national median home list price of $400,500.
The report also noted that overall rent prices have fallen slightly year-over-year, marking 18 consecutive months of decline, although rents still remain significantly higher than pre-pandemic levels.
Currently, Oklahoma City is the most affordable rental market among major metros, while Miami and New York City are the most expensive, with renters there spending 37.6% of their income on housing.
Los Angeles holds the dubious title of most expensive for homebuyers, who spend a staggering 74.7% of their income on mortgage payments.
Berner explained the declining affordability for homebuyers nationwide, citing persistent high mortgage rates and gradually decreasing rent prices as key factors shifting the housing market towards renters.
*All prices are in USD
