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Skip to contentSkip to site index Search & Section Navigation Section Navigation SEARCH Briefing SUBSCRIBE FOR $1/WEEKLog in Friday, December 1, 2023 Today’s Paper SUBSCRIBE FOR $1/WEEK Briefing|Rent or Buy? https://www.nytimes.com/2023/12/01/briefing/rent-or-buy.html * Share full article * * Advertisement SKIP ADVERTISEMENT Newsletter THE MORNING RENT OR BUY? We explain the state of the housing market. * Share full article * * * Read in app San Diego.Credit...Roger Kisby for The New York Times By David Leonhardt Dec. 1, 2023, 6:31 a.m. ET You’re reading The Morning newsletter. Make sense of the day’s news and ideas. David Leonhardt and Times journalists guide you through what’s happening — and why it matters. Get it sent to your inbox. Should you rent or buy your next home? It is a question that millions of people — especially younger adults who don’t own a home — wrestle with. It’s also a subject that I have written about in The Times for almost 20 years. Today, I want to revisit it, inspired by the interest of my colleagues on The Daily, many of whom are millennials trying to figure out what to do in their own lives. (Today’s Daily episode is a discussion between Michael Barbaro and me about renting versus buying.) Now is a good moment to examine the question — because the answer is clearer than usual. “This is not the time to buy for most people,” Mark Zandi, the chief economist of Moody’s Analytics, told me. “Mortgage rates are extra high, and house prices are extra high, and there’s not much to choose from in the market.” WEEKLY AVERAGE 30-YEAR FIXED-RATE MORTGAGE 10% Nov. 22, 2023 7.29% 8 6 4 2 1990 2000 2010 2020 10% 8 Nov. 22, 2023 7.29% 6 4 2 1990 2000 2010 2020 Source: Freddie Mac, FRED By The New York Times MONTHLY CHANGE IN HOME PRICES SINCE JANUARY 1987 Not adjusted for inflation Sept. 2023 +386% +400% 300 200 100 1990 2000 2010 2020 +400% Sept. 2023 +386% 300 200 100 1990 2000 2010 2020 Source: Case-Shiller Home Price Indices, FRED By The New York Times Subscribe to The Times to read as many articles as you like. David Leonhardt writes The Morning, The Times’s flagship daily newsletter. He has previously been an Op-Ed columnist, Washington bureau chief, co-host of “The Argument” podcast, founding editor of The Upshot section and a staff writer for The Times Magazine. In 2011, he received the Pulitzer Prize for commentary. More about David Leonhardt * Share full article * * * Read in app Advertisement SKIP ADVERTISEMENT SITE INDEX SITE INFORMATION NAVIGATION * © 2023 The New York Times Company * NYTCo * Contact Us * Accessibility * Work with us * Advertise * T Brand Studio * Your Ad Choices * Privacy Policy * Terms of Service * Terms of Sale * Site Map * Canada * International * Help * Subscriptions Enjoy unlimited access to all of The Times. See subscription options