- Renting still offers significant savings over buying in 49 of 50 largest metros, but the advantage is narrowing.
- June 2025's median asking rent is down 2.1% year-over-year to $1,711.
- The average monthly savings for renters decreased to $908, down from $956 last year.
The latest Realtor.com (NWSA, Financial) Rental Report for June 2025 indicates a narrowing gap between renting and buying costs across major U.S. metros. While renting remains more affordable than buying in 49 out of the 50 largest markets, this financial edge is diminishing. The median asking rent fell by 2.1% year-over-year to $1,711, yet remains 18.6% above pre-pandemic levels.
Despite these declines, renters now save an average of $908 per month compared to buyers, a reduction of $48 from the previous year. Austin, Texas tops the list for renter savings, with buying costing 114.7% more than renting. However, some metros like San Jose and Memphis have seen significant shifts: San Jose's rental advantage decreased by $349 year-over-year, and Memphis flipped to favor renting over buying.
Pittsburgh stands out as the only metro where buying remains cheaper than renting. The evolving dynamics suggest potential shifts in home sales volumes as the cost equation begins to shift. While the $908 savings still presents a substantial hurdle for homebuyers, renting continues to be the more budget-friendly option in most markets, despite the narrowing margin.
