Renting Becomes More Affordable Than Buying in Most of the UK and US

For the first time in years, renting a home is now cheaper than buying in most regions across the UK and all major US cities, driven by high mortgage rates and soaring home prices.

Renting is now cheaper than buying in all but three regions in the UK, with the average monthly cost of owning a home more than double what it was in 2013.
In the US, renting a starter home is now more affordable than buying in every major metropolitan area, with renters saving at least 30% each month in 29 cities.
Mortgage rates more than doubled in the past year, exacerbating the affordability crisis for potential homebuyers.
Rental prices have dropped in 29 of the 50 largest US metropolitan areas, with significant decreases observed in the South.
Government and financial analysts predict that renting will remain the more cost-effective option for the foreseeable future, despite a slight cooling in mortgage rates.