Zillow found that most home buyers would be paying less per month to own a home than to rent after two years. The highest break-even horizons were in Los Angeles at 5.1 years, Washington, D.C., at 4.2 years, and San Diego at 3.8 years. But while rents are soaring, and mortgage rates are still historically low, many are not pursuing homeownership due to student debt, lack of ability to save with high rent, and tight mortgage credit availability. In addition, supply is not keeping pace with surging demand. It is hoped that rising prices will persuade those who may be on the fence about listing their homes to do so in the coming months, leading to closer parity between supply and demand.
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