The cost of owning a home has climbed dramatically over the past several years, making it increasingly difficult for many buyers to enter the market. Between higher mortgage rates, rising property taxes, insurance premiums, and maintenance costs, the average annual cost of homeownership has increased by nearly 40% since 2019.
As affordability continues to decline, many prospective buyers are choosing to rent longer while they wait for better market conditions. For landlords and real estate investors, this trend could help sustain strong rental demand as homeownership remains out of reach for many households.