Where is buying more affordable than renting?

Couple on moving day | mortgage rate news

Where is it more affordable to buy a home than rent?

According to recent data, there are several metro areas in the US where it’s more affordable to buy a home than rent a home.

Monthly rent is still trending upwards in most of the country, but the pace has slowed a bit. However, buyers have an advantage is several areas including Memphis, Pittsburgh, Birmingham, St. Louis and Baltimore. In fact, buyers in Memphis pay 32.7% less on average than renters in monthly costs.

The current housing market still has some room to improve, but there are areas where it makes more sense to buy than rent.

Where’s the average long-term mortgage rate at?

There’s even more good news on the mortgage rate front. The average long-term mortgage rate has slipped to its lowest level in four months. Mortgage buyer Freddie Mac stated that the national average for a 30-year, fixed rate mortgage has inched its way down to 6.13% after spending part of the end of 2022 in the 7.0% range*.

How does an NBA superstar live?

Probably a lot like you’d expect. New Orleans Pelicans star shooting guard C.J. McCollum recently listed his Portland, OR-area mansion for $3.5 million. Buyers had to first be vetted to ensure they had the means to make an offer on the home, but their visit included an agent-led tour and a personalized hardbound book that included pictures and details of the house.

The 1.28 acre property features a 5,338-sq. ft. home that is described as ‘rusticratic’ with lodge-style features. Exposed beams, stonework, and a towering fireplace are prominent in the 26-foot long great room. The kitchen is outfitted for entertaining with a 48-in. cooktop, double wall ovens, and warming drawers. A glass-enclosed wine room, a gym, a four-car garage, and Tesla solar panels are also included.

Think you have enough to live like a professional athlete? The home already has an offer accepted. You’ll have to find another luxury property to buy, but you can still get pre-approved with Guaranteed Rate!

* Sample rate provided for illustration purposes only, is not an advertised rate from Guaranteed Rate, and is not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard. Guaranteed Rate, Inc. cannot predict where rates will be in the future 

in 10 minutes?

The pre-approval process is lightning fast, and can be completed
in under 10 minutes. Grab a few important documents to get started.
  1. Tax Returns
  2. Copies of W-2s (or 1099s for independent contractors,
    freelancers and the self-employed)
  3. A payroll stub
  4. A bank statement
  5. Loan obligation info (student loans,
    auto loans and credit cards)

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply. 

All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.