Should you rent or buy? High home prices, mortgage rates challenge the American dream of homeownership
CBSN
When Greg Morano proposed to his girlfriend Kayla Lewis, he knew their next big decision as a couple was looming: should they rent or buy their first home together? The couple spent months discussing the size, style and location of apartments before considering homeownership.
"I think that's the dream everybody grows up with — it's one day hoping you have something you can call your own, and finding your person, which, I found mine," said Morano.
But the American dream of homeownership is being challenged by high home prices and mortgage rates, leading some to consider renting a wiser option. According to a recent survey by the National Multifamily Housing Council, a public policy group, the monthly cost of owning a home is now an average of $1,000 more than renting.
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