Zachary Halaschak is an economics reporter at the Washington Examiner. Before moving to Washington, he worked in Alaska, covering politics, government, and crime for the Ketchikan Daily News. While there, Zach won the Alaska Press Club’s second-place award for best reporting on crime or courts for his coverage of a local surgeon’s alleged murder.
It is now much more expensive to purchase and pay off a home than to rent, pushing people away from locking in a mortgage for the time being.
“The costs of home ownership have gone up, and they have gone up on many fronts,” Greg McBride, chief financial analyst at Bankrate, told the Washington Examiner. “Home prices are still very high, and in most markets, they are rising further — mortgage rates have spiked to the highest level in 23 years, and in many parts of the country rising homeowner’s insurance or property tax costs are further squeezing homeowner budgets.
Shelton Weeks, the Lucas professor of real estate at Florida Gulf Coast University, told the Washington Examiner on Monday that several factors determine whether homebuyers should purchase a house or wait. Weeks also explained that a consumer’s location within the U.S. can make a big difference. Some areas have larger disparities between rent and purchase prices.
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