Market Update: Is Renting Cheaper Than Buying?

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According to a recent survey done by Freddie Mac, 82% of renters think renting is more affordable than owning a home. But according to the actual data, renters spend more of their income than homeowners. Up to 36% of renters are spending a whopping 1/3 of income monthly! Even with these facts, renters still think it’s cheaper to rent due to the misconceptions of the amount of money needed for a down payment, as well as looming student loan debt.

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