If Your Rent Went to a Mortgage Instead, How Much Space Would It Buy?
Wooden toy house with rent sign on grass close up
A study by Point2, a division of Yardi Systems Inc. that covers real estate, shows that renters get more room for their buck. Using the local median price per square foot for a home in 100 major cities, it calculated how much room a buyer would get for the same price. The takeaway for most cities? Not as much. “In 63 of 100 cities, the average rent would support the mortgage on a home of less than 1,000 square feet — much smaller than the typical U.S. house,” the article states. Unsurprisingly, the typical rent payment would get less space in big coastal cities and more in areas like Detroit, Cleveland and Philadelphia. A renter in Phoenix would get 908 square feet.
Source: https://www.nytimes.com/2023/
