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In most of the country, despite the spike in rents due to inflation, renting a home remains more affordable than buying a home.
However, Birmingham is among a handful of metropolitan areas that are bucking that trend.
According to Realtors.com's monthly report for June, which was out last week, Birmingham is second to Pittsburgh, Pa., where the monthly median rent is significantly higher than the cost to buy a home on a percentage basis.
According to the survey, the median cost to rent a home is $1,278. Buying costs are $900 monthly, a 29.5% spread between renting and buying.
"Buying tends to be a little less expensive if you're in the Midwest or South, where starter home prices are very affordable," Realtors.com economist Danielle Hale said in an interview with CNN discussing the survey on Sunday. "[Homes for sale are] relatively abundant, somewhat more abundant than the rental opportunities."
Pittsburgh and Birmingham lead St. Louis, Cleveland, Baltimore and Louisville in the category of metropolitan areas where it is cheaper to buy than rent.
Topping the list where renting is more affordable than buying is Austin, Texas, followed by San Francisco, Seattle, New York City and San Jose, Calif.
To connect with the author of this story, or to comment, email jeff.poor@1819News.com.
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