How "Rent vs. Buy" Shifted in 2023

The Money with Katie Show

Money with Katie

Investing, How To, Self-improvement, Business, Education

4.8 • 1.3K Ratings

🗓️ 19 July 2023

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

The only thing worse than a post-pandemic rental market? A post-pandemic buyer’s market. I sat down with Zillow’s Head of Rentals Communication to talk about how the rental market has evolved over the last three years, and the one variable that might just make buying your home right now worth it. Plus, I share the numbers and rationale behind our own decision to continue renting near Sacramento, California. What are your considerations when picking a place to live? How are you making the rent vs. buy decision in 2023? Email us at moneywithkatie@morningbrew.com. Transcripts can be found at podcast.moneywithkatie.com — Mentioned in the Episode Rent vs. Buy in a High Interest Rate Environment: https://podcast.moneywithkatie.com/the-rent-vs-buy-decision-in-2022s-interest-rate-environment-and-lofty-market/ Housing Affordability is at an Historic Low: https://thehill.com/business/3881539-housing-affordability-hits-historic-low/ Average Closing Costs, per Rocket Mortgage: https://www.rocketmortgage.com/learn/closing-costs Average 30-Year Fixed Rate (updated daily): https://www.bankrate.com/mortgages/mortgage-rates/ — Follow Along at Money with Katie: https://moneywithkatie.com/ Watch on YouTube: https://www.youtube.com/@MoneywithKatie Follow Money with Katie! - Instagram: https://www.instagram.com/moneywithkatie/ - Twitter: https://twitter.com/moneywithkatie Subscribe to The Money with Katie Newsletter - Sign up for free today: https://www.morningbrew.com/money-with-katie/subscribe/2 Follow the Brew! - Instagram: https://www.instagram.com/morningbrew/ - Twitter: https://twitter.com/MorningBrew - TikTok: https://www.tiktok.com/@morningbrew Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome back to the Money with Katie Show Rich Girls and boys, fire up your engines because
0:12.9	today we are talking about shelter.
0:16.3	That was a mixed metaphor, but we're going to go with it.
0:18.8	Because when my husband and I moved from Dallas to Fort Collins, Colorado, I figured the
0:23.4	cost of living was going to be lower.
0:25.3	I thought, surely, this small mountain town I had never heard of would be less expensive
0:30.7	than the sequined cowboy metropolis that I formerly inhabited.
0:40.1	But approximately 14 minutes of Zillow stalking later, I realized that I had made a dire miscalculation.
0:48.2	Not only was the Fort Collins housing more expensive, but it was a lot more expensive.
0:53.3	I don't know if it's the proximity to the mountains or if it's the mass pandemic migration
0:58.4	of other Texans and Californians, sorry, seeking cooler climates and an abundance of super
1:04.6	foresters, but our new cost of living absolutely trounced our old one.
1:10.4	Our rent as a result jumped from 1741 per month to around 3000 per month.
1:17.2	And I lost a lot of sleep over it.
1:20.7	Though to be fair, we did upsize from a two bedroom apartment with single family home.
1:24.9	But with two people, one of whom worked from home, you're truly a 75 pound dog and a cat.
1:31.8	We are basically on top of one another.
1:33.6	So the extra space did make a lot of difference.
1:36.8	And we had toyed with the idea of buying.
1:39.2	We never really thought about it seriously, because Colorado real estate was very expensive.
1:44.9	And we knew that we'd be moving again in a couple of years for Thomas's next military assignment.
1:50.7	But then came late spring 2023 when we learned we'd be moving to the Sacramento area.
	...

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