According to a recent study by Zillow, monthly mortgage payments are now lower than rent payments in 22 of the 50 largest metro areas.

Mortgage rates have come down from their recent highs, home prices have stabilized, and there’s more inventory available. This means that overall, affordability has improved a lot. In fact, in many areas, it

This is significant if you've been renting for a while. If your city isn’t on the list, don’t worry. Changes are happening quickly, and your area might soon be part of these top metros.

Talking with a local real estate agent about your ideal neighborhood before changes happen can make a significant difference for you. It's important to get insights from an expert who knows the area well. You might find that what once seemed out of reach could actually be becoming more affordable than you realize.

This study looks at comparing the monthly rent to just the principal and interest of a mortgage payment, but let’s consider a few important factors. According to Zillow, when you buy a home, you have to remember to include expenses like taxes, insurance, utilities, and maintenance in your budget, as these will also affect your monthly payment.

But keep in mind that renters also have extra costs to think about, such as renters’ insurance, utilities, parking, and more. While crunching the numbers might seem tedious, today’s calculations could offer a more intriguing perspective.

Grab your calculator and your real estate agent, because here’s the key point: it might be time to figure out if you can afford something now that you couldn’t just a few months back.

As Orphe Divounguy, a Senior Economist at Zillow, points out:

““… for those who can make it work, homeownership may come with lower monthly costs and the ability to build long-term wealth in the form of home equity — something you lose out on as a renter. With mortgage rates dropping, it’s a great time to see how your affordability has changed and if it makes more sense to buy than rent.”
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— Orphe Divounguy, Senior Economist at Zillow

Whether you’re in one of those budget-friendly cities where the market is leaning in your favor or somewhere in between, it’s a good time to reach out to a local real estate agent and start the discussion.

With mortgage rates dropping and more homes becoming available, it’s a smart move to get ready to dive back into your search before the competition picks up.

Bottom Line

If you're feeling fed up with renting and want to explore what it takes to buy a home in our area since things may be changing, let’s figure out the numbers together to see if buying a home is