Rents Are at a Record High, but Cheaper Than Buying a Starter Home

A sign advertises an apartment for rent along a row of brownstone townhouses in the Fort Greene neighborhood on in the Brooklyn borough of New York City on June 24, 2016. Drew Angerer/Getty Images

Higher mortgage rates are pushing many homebuyers into the rental market, despite rising rents, transforming the real estate field across the United States.

The U.S. median rental price still lags behind average starter homeownership costs, more so than at the start of 2022.