--- title: Renting Is Cheaper Than Buying a Home in Most of the U.S. Right Now description: Thanks to high mortgage rates, renting is now cheaper than buying a home in most U.S. cities, according to a new report from ATTOM. authors: - name: Sarah Hansen role: Senior Writer url: https://money.com/author/sarah-hansen/ bio: Sarah Hansen is a senior writer at Money covering all things personal finance. Previously, she covered economic policy and capital markets on the breaking news desk at Forbes. education: Northwestern University, New York University at_money_since: 2021 articles: 347 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes social: - https://www.linkedin.com/in/sarah-m-hansen/ former_staff: true editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2023-01-19T18:06:59.000Z' modified: '2023-01-19T18:06:59.000Z' section: Housing tags: - News word_count: 353 canonical: https://money.com/renting-cheaper-than-buying-home-now/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![woman looking at house for sale](https://img.money.com/2023/01/News_-renting-is-cheaper-than-buying.jpg) As sky-high [mortgage rates](https://money.com/current-mortgage-rates/) push the cost of owning a home ever higher, renting is now cheaper than [buying a house](https://money.com/how-to-buy-a-house/) in most of the United States. ## Renters Insurance covers more than you think, and is surprisingly affordable ### Select your state and take that step towards protecting your space and belongings against the unexpected with Lemonade Insurance. [Get a Free Quote](https://money.com/pr/l06d3d037e93?ap_referrer=%2Frenting-cheaper-than-buying-home-now%2F) ## What the data shows A [new report](https://www.attomdata.com/news/market-trends/home-sales-prices/attom-2023-rental-affordability-report/) from real estate data firm ATTOM finds that the average rent for a three-bedroom home is now cheaper than the cost of owning a comparable median-priced home in 95% of the 222 counties analyzed in the study. - That’s the case despite the fact that rent prices rose faster than home prices in about half the country over the past year, ATTOM found. - It’s also a complete reversal from just a year ago — in 2022, ATTOM found that owning a home was more affordable than renting one in 60% of the housing markets it analyzed. ## Keep in mind Real estate dynamics vary widely depending on the local area. While rent and home prices may be rising on a national level, rent or the real estate prices could be falling dramatically in some places. - Recent [data](https://www.realtor.com/news/trends/rent-prices-are-declining-in-these-cities/) from Realtor.com shows that [rents have fallen](https://money.com/rent-falling-major-cities/) 5.5% in Riverside, California, over the past year, and nearly 5% in Las Vegas and Sacramento. - Data from Zillow [shows that home values](https://money.com/where-home-values-are-falling-zillow/) in Seattle fell 4.8% between November and December alone. ## As a home renter, there are insurance policies available for you ### To protect yourself and your property against unexpected damages, Lemonade Renters Insurance is the way to go. Interested in a free quote? Click below today. [Get a Free Quote](https://money.com/pr/u848a9be6ece?ap_referrer=%2Frenting-cheaper-than-buying-home-now%2F) ## The bottom line The question of [renting versus buying a house](https://money.com/is-it-better-to-rent-or-buy-a-house/) is more complicated that it seems. Each option comes with benefits and drawbacks, and those factors will very likely be determined by the housing market in your local area. They'll also be determined by your individual circumstances and priorities. Do you plan to live in your home for a long time, or is the flexibility to move more important to you? Are you willing to undertake maintenance and pay property taxes? Do you have extra room in your budget in case your landlord raises the rent? 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