Part 2/9:
In the past, buying a home was often more affordable than renting in many regions. According to recent comparisons, between 2011 and 2019, the monthly mortgage payment for a typical home was about 12% lower than the cost of renting a similar property. Fast forward to today, and the landscape has drastically changed. Since 2020, house prices have surged approximately 40%, while mortgage rates have climbed from around 3.1% to over 7.3%. As a result, mortgage payments on average homes have increased by more than 50%, while rents have only risen about 20%.