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- The monthly payment for a newly purchased home at the end of 2022 was $1,176 more than apartment rent.
- That premium is the widest it has been since 2006, near the peak of the housing bubble.
- Expensive real estate prices and high interest rates are driving the gap been mortgages and rent.
The difference between monthly mortgage payments and rents hasn't been this big since 2006, around the peak of the housing bubble that led to the Great Financial Crisis.
That's according to a recent report from the National Multifamily Housing Council. Assuming a 10% down payment, the group found that a monthly payment on a 30-year fixed-rate mortgage was $1,176 more than renting an apartment up to the end of 2022.
The buy-to-rent premium hasn't been this steep since the third quarter of 2006, the report said.