WEST PALM BEACH FLA. — It now costs 21% more to buy versus rent in the U.S., according to new housing market analysis.
Construction Coverage identified cities and counties where it's still cheaper to buy a home versus rent a home.
Examining the West Palm Beach housing market, the data gathered by Construction Coverage showed the median monthly mortgage payment is $2,655. The median rent payment sits at $2,290.
The $365 difference or 16.0% premium means West Palm Beach is only slightly more expensive for homebuyers than renters.
The report said the cheapest large cities for homebuyers in the U.S. are:
1. Detroit
2. Cleveland
3. Baltimore
4. Memphis
5. Philadelphia
14. Tampa
15. Jacksonville
The report said the most expensive large cities for homebuyers in the U.S. are:
1. San Jose
2. Seattle
3. San Francisco
4. Long Beach
5. Austin
However, the ongoing tariff war puts prospective buyers in a gray area, especially if they're interested in new construction.
Even though President Donald Trump imposed on Wednesday a 90-day pause on tariffs on most of the country's trading partners, it's still unclear how lumber, aluminum and steel prices could be impacted in the future.