Rising rents have been a problem in the US for quite some time. According to a recent Market Outlook Report from Realtor.com, in 2017 rents rose in a whopping 78% of markets across the US. And according to recent data, that trend is still going strong in 2018. According to a recent article from Apartment List, 72 of the 100 largest cities in the US have seen rents increase over the last 12 months, with this past summer showing significant hikes around the country (rental prices increased month-over-month in 85 cities in June, 62 cities in July, and 54 cities in August).
As the price of renting continues to increase, homeownership is fast becoming the more affordable option. In fact, according to a recent study by Zillow, homeownership is more affordable than renting in many of the major markets across the United States. If you're currently renting—and watching your rental prices consistently increase—it may be time to explore purchasing a home of your own.