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For decades, homeownership has been associated with financial success. But achieving this facet of the American dream has become increasingly difficult in the past two years given the meteoric rise in home values—up nearly 50% nationally since February 2020—and the even faster increase in mortgage rates, which at 7% are up 264% since their January 2021 lows. The decision of renting vs. owning comes with the challenges of persistent inflation elsewhere in the economy and the failure of wage growth to keep pace.  
A recent research report by Newmark shows that, despite significant growth in apartment rents post-COVID, the spread between the average cost of rent and the average cost of homeownership in the United States has increased 18% year over year. That’s a difference of $824 per month in renting vs. owning—one of the widest spreads observed in a generation, dating back to 2000.