National Estimates Show Monthly Homebuying Costs Now Top Rent

Buying can shield homeowners from annual rent increases, and examples in New York City show that some apartments’ estimated mortgage payments may be comparable to rents, though down payments, taxes, maintenance and association fees add substantial costs. Nationally, however, homeownership is increasingly difficult to attain: homes cost about five times the median household income, the typical first-time buyer is 40, and buying is estimated to cost more per month than renting. Despite those barriers, Zillow found that buyer interest rose much faster than home sales in spring 2026, suggesting pent-up demand; competition was especially strong in several Northeastern markets. Younger adults cited high prices, student debt and stagnant incomes as reasons to delay buying, with some opting to rent in less expensive areas or wait until their finances improve.