A recent report from Realtor.com reveals that due to surging home prices and increased mortgage rates, renting has become more economical than buying across all major metropolitan areas in the United States.

According to the February monthly rent report, renting is now the more affordable option in all of the top 50 metro areas in the country.

Previously, it was already more cost-effective to rent than to buy in 90% of metro areas as of last year.

However, the current robust real estate market has pushed this figure to 100%, marking the first time this has occurred since Realtor.com began tracking renting versus buying in 2021, MarketWatch reported.

“With rents continuing to fall and the cost of buying a home remaining high” due to mortgage rates and home prices, “renting a home is now a more cost-effective option in all major U.S. markets,” Danielle Hale, chief economist at Realtor.com, said in a statement.

Written by B.C. Begley