【World Property Journal】West Palm Beach Leads the U.S. in Residential Rent Increases

According to real estate brokerage firm Redfin, national median monthly mortgage payment for homebuyers posted even bigger growth, climbing 17% since October 2020.

The 3.2% month-over-month increase in mortgage payments for homebuyers was the largest since April, and more than double the increase during the same period in 2019. Growth rates for mortgage payments and rents had been converging, but an uptick in mortgage rates and home prices caused mortgage-payment growth to accelerate from September to October. The 0.4% month-over-month increase in rents was the smallest in eight months, which could just be a seasonal slowdown or may signal some potential relief for renters.

Rent price increases outpaced mortgage payments for new homebuyers in 29 of the 50 largest metro areas in the U.S. during October.

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