The strain of slowed construction and low home inventory could be driving retail costs in a number of markets. With rental costs rivaling some mortgage payments and renters may be willing to put their hard-earned cash into a home of their own.
"Assuming the nation's median monthly mortgage payment is still within range of the $1,030 average recorded in 2018 by the Census Bureau, consumers in high-rent housing markets may be particularly swayed to buy a house," according to National Mortgage News.
"Even if trends with local purchase values align as also being pricier, the investment aspect of owning property may incentivize certain consumers to do so."
The report named twelve markets that are having this issue including, Denver, Chicago, Seattle, San Diego and more. In some of the 12 markets, the average monthly rent has exceeded $2,000 over the national Average.
To learn more about these markets and and what buyers may be looking for should they move away from renting, click on the image above.