Most people assume that when it comes to affordability, renting is the way to go. According to a recent report, the perceived affordability is what's keeping a solid chunk of people in the rental market. According to the Consumer Housing Sentiment Study highlighted in CoreLogic's most recent Home Price Insights report, 48% of renters cite "affordability" as their reason for not owning a home. But the truth of the matter is that in today's market, renting just isn't the more affordable option. According to the most recent Market Outlook Report from Realtor.com, rents rose year-over-year in a whopping 78% of counties across the US. And according to Trulia, homeownership is now more affordable than renting in 98% of the largest metro markets in the United States.
If you've been continuing to rent thinking it was saving money, it's time to reevaluate the affordability of your current living situation—and see whether homeownership could actually be the more affordable option.