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Grant Cardone argues the US will shift toward renting over buying
The discussion points to July Fed policy holding the benchmark rate at 3.5% to 3.75% and cites Realtor.com analysis showing renters in 50 major metros saved an average of $920 per month in March.
High mortgage rates and elevated home prices are pushing more Americans to consider renting instead of buying, with the Federal Reserve maintaining its benchmark interest rate at 3.5% to 3.75% at its July meeting, according to Yahoo Finance.
The outlet also cites a Realtor.com analysis finding renting a starter home was cheaper than buying across all 50 of the largest U.S. metros in March, with renters saving an average of $920 per month.
Real estate personality Grant Cardone made the case in interviews and social media posts that the housing market is being shaped by today’s financing costs, arguing high mortgage rates could contribute to higher home prices over the next decade.
Cardone also suggested renters have less financial drag than borrowers, saying rents are about half of a mortgage and arguing that renting can free up cash to pursue income oriented real estate exposure without taking on a traditional mortgage.