Americans continue to be unable or unwilling to buy a house. Many still remember what happened in the housing bubble not just a few years ago.
Meanwhile, this the demand for rentals have exploded, so much so that average rents are much higher than average mortgage payments.
Here’s the chart illustrating the evolving trends:
JP Morgan Funds
Census Bureau, J.P. Morgan Asset Management. Monthly mortgage payment assumes a 20% down payment at prevailing 30-year fixed-rate mortgage rates; analysis based on median asking rent and median mortgage payment based on asking price.
Courtesy of Business Insider