Zillow reports six-year rent-buy break-even, May listings down 4.1%
ZG•ZG•ZG•ZG•Zillow finds national break-even has fallen to six years from 8.4 in 2023, ranging from four years in Columbus to never in San Francisco. May new listings declined 4.1% year-over-year, inventory rose 1% and typical home values increased 0.6% to $368,720, lifting mortgage costs 1.1% to $1,861.
Zillow finds the national break-even for homebuyers has shortened to six years from a peak of 8.4 years in 2023. Midwest metros like Columbus, Memphis and Buffalo see break-even in four years, while high-cost markets such as San Francisco and San Jose never surpass renting over a 30-year horizon.
May for-sale listings fell 4.1% year-over-year to 422,956 new listings, while total inventory edged up 1% to 1.36 million homes. Typical home values rose 0.6% to $368,720, boosting the cost of a typical mortgage payment by 1.1% to $1,861, even as home sales dipped 2.9% from last year.
