Real estate agent and former 'Million Dollar Listing New York' star Kirsten Jordan says the U.S. is in a 'strange' real estate market amid rate hike uncertainty.
It's cheaper to buy a home in these areas because home values "have stagnated relative to the country as a whole," according to the brokerage. Even if rates fell to 5%, Redfin estimated that buying the typical home would cost an estimated 10% more than renting it. If you can afford the down payment and monthly mortgage payments, its more economical to buy a home because you're building up equity, according to Redfin Deputy Chief Economist Taylor Marr.
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