To buy or not to buy has never been a simple decision. And this ever-changing housing market isn’t making it any easier. With surging mortgage rates, record-breaking rents and home prices, a potential economic downturn and other lifestyle considerations – there’s so much to factor in. On average across the 50 largest United States metro areas, a typical renter pays about 40% less in rent than a first-time homeowner. However, that’s not the case for everyone. In December 2022 buying was more affordable in 5 of the largest U.S. metros. What makes sense for you and your family depends on where you plan on living, how long you plan to stay, and your financial circumstances.

Chapters:
00:00 — Introduction
01:51— Current market
06:43 — Rent vs. buy
10:32 — Cleveland
14:55 — Looking ahead

Produced and Shot by: Emily Lorsch
Edited by: Jacob Harrell
Additional Cameras: Peter Bittner, Magdalena Petrova
Animation: Christina Locopo
Senior Managing Producer: Tala Hadavi
Additional Footage: Getty Images, WKYC

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Rent vs. Buy: Which Makes More Sense In The Current Real Estate Market?