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RENTAL RATE INCREASES TRAIL CPI AND WAGE GROWTH IN FIRST QUARTER OF 2023

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Rental costs, a key component of the CPI, suggest further cooling in future inflation numbers The rate of monthly rental price increases for both single family rental properties and multifamily rental units trailed the consumer price index (CPI) and wage growth in the first quarter of 2023, according to data compiled by Beekin and analyzed by CJ Patrick Company. While the CPI rose 5.8% from Q1 2022 to Q1 2023, rents on multifamily rental units rose by only 3.34% and declined on single family rental properties by 2.72%. Of the 74 single family rental markets included in the analysis, only one – Savannah, GA – had a year-over-year increase higher than the CPI. Slightly more than 75% of the 174 multifamily markets analyzed showed rental prices increasing at a slower rate than the CPI. Similarly, only six of the single-family rental markets saw rates increase at a faster pace than the 4.30% year-over-year wage growth reported by BLS in their preliminary report of Average hourly earnings of employees on nonfarm payrolls. The multifamily market was more evenly divided, with 76 markets having rental rates increasing more rapidly than wages and 100 markets where wages grew more quickly than rent. “Today’s report provides some good news for prospective renters,” said Vidur Gupta, Founder and CEO of Beekin, a data analytics company. “Rate increases on rental units have slowed down considerably over the past year, and in many markets are actually lower than wage growth, which means improved affordability. This is particularly true in the single-family rental market, where list prices have declined slightly on a year-over-year basis.” “Since housing costs – rental rates in particular – are such a large component of the CPI, these trends suggest better times ahead for the U.S. economy,” said Rick Sharga, Founder & CEO of market intelligence firm CJ Patrick Company. “With listing prices for single-family rentals declining slightly and rates for multifamily rental units rising at a much slower pace than a year ago, the probability is that we’ll see better inflation numbers in the months ahead.” Single-Family Rental Growth Turns Negative Year-over-year list prices for single-family rental properties were less expensive than they were a year earlier in 49 of the 74 markets analyzed, and only exceeded three percent growth in eight markets: Savannah, GA (5.91%); Philadelphia, PA (5.75%); San Diego, CA (5.58%): Riverside-San Bernardino, CA (5.53%): Ocala, FL (4.89%): El Paso, TX (4.67%): Myrtle Beach, SC (3.50%): and Jackson, MI (3.26%). The markets with the largest price declines on a year-over-year basis all had list prices at least six percent lower than 2022 rates: Colorado Springs, CO (-9.75%); Clarksville, TN (-8.90%); Lakeland-Winter Haven, FL (-8.89%); Winston-Salem, NC (-8.88%): Birmingham, AL (-7.40%): Las Vegas, NV (-6.92%): Phoenix, AZ (-6.87%): Punta Gorda, FL (-6.86%); Kansas City, KS (-6.84%): Tucson, AZ (-6.69%): St. Louis, MO (-6.63%): Pittsburgh, PA (-6.09%): and Jacksonville, FL (-6.03%). “More recent comparisons are showing similar trends,” Gupta noted. “Looking at rental listing data on a quarter-over-quarter basis, single family rental rates declined by -0.34% and multifamily unit rates rose slightly by 1.0%. Both of these were lower than CPI growth of 1.04% for the quarter, although the multifamily list price increase was slightly higher than the 0.85% wage growth in Q1.” Multifamily Rental Unit Rates Continue to Rise, but More Slowly Only eight of the 174 markets included in the Q1 2023 analysis showed double digit year-over-year growth in rental listing prices, with seven of the eight in the South and Southeast: Fayetteville, AR (14.14%); Santa Fe, NM (12.53%); Knoxville, TN (11.13%); Daytona Beach, FL (10.85%); Santa Barbara, CA (10.69%); Savannah, GA (10.58%); and Athens, GA (10.15%). Meanwhile 14 markets had declining list prices compared to Q1 2022: Clarksville, TN (-21.36%); Bremerton, WA (-5.29%); Winston-Salem, NC (-4.98%): Las Vegas, NV (-3.85%); Wichita, KS (-3.69%); Dayton, OK (-3.44%); Coeur d’Alene, ID (-3.06%); Atlantic City, NJ (-2.82%); Cleveland, OH (-1.52%); Boise City, ID (-1.27%); Spokane, WA (-0.61%); San Francisco, CA (-0.46%); Grand Forks, ND (-0.32%); and Eau Claire, WI (-0.29%). “It’s probably worth noting that many of the markets experiencing year-over-year declines in both single family and multifamily rental list prices are also markets that had the most explosive growth during the early stages of the COVID-19 pandemic,” Sharga added. “We’ve seen similar trends in the owner-occupied housing market, where metro areas like Phoenix and Boise are experiencing declines in both home sales and prices.” Methodology Beekin used same-store data on more than 12MM unique single family homes and multifamily units, beginning in 2015. Using interpolation methods similar to those used by the Bureau of Labor Statistics for the Consumer Price Index, it was able to infer rent growth at a national, state and local level for over 170 MSAs across the country. Wage data is sourced from the Bureau of Labor Statistics report on average hourly earnings of non-farm employees. About Beekin Beekin is a Decision Intelligence platform for rental housing. By leveraging cutting edge AI and data, Beekin’s patented solution suites help with underwriting, asset management, and capital markets for some of the largest lenders and asset managers. For more information, please visit Beekin.co. About CJ Patrick Company Founded in 2019, CJ Patrick Company is a Market Intelligence and Business Advisory firm working with companies in the real estate and mortgage industries. Founder & CEO Rick Sharga is one of the industry’s most quoted resources on real estate, mortgage and foreclosure trends and has held executive leadership positions with companies such as ATTOM Data, Auction.com, Carrington Mortgage Holdings, and RealtyTrac. Visit www.cjpatrick.com for more information. Media Contacts vidur@beekin.co Rick.Sharga@cjpatrick.com

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Buyers still aggressive on acquisitions but shifting toward hold-for-rent strategy 77 percent of buyers are local community developers, owner-occupants doubled Auction.com, the nation’s leading distressed real estate marketplace, released its 2023 Buyer Insights report, which shows nearly one-third (32 percent) of buyers surveyed expect home prices to decline in their local housing market in 2023, nearly double the 17 percent who expected home prices to decline in 2022. Buyer Insights report findings are based on a March 2023 survey of nearly 450 distressed property buyers from across the country who have used Auction.com to purchase homes at foreclosure auction or bank-owned (REO) auction in the last four years. “Local community developers buying at distressed property auction are on the frontlines of the housing market and provide a reliable barometer for emerging real estate trends,” said Jason Allnutt, Auction.com CEO. “They are telling us 2023 will bring further home price declines in many areas but also increased opportunities to convert distressed properties into affordable housing supply as prices adjust to a new market-driven equilibrium.” More than nine in 10 buyers surveyed (92 percent) described themselves as either local community developers (77 percent) or owner-occupant buyers (15 percent). The owner-occupant share of buyers nearly doubled from 8 percent in the 2022 survey. Separate sales data from Auction.com shows that 82 percent of properties purchased on the platform in 2022 were within 100 miles of the buyer’s mailing address. The median distance between buyers and properties was 15 miles for homes sold at foreclosure auction and 21 miles for homes sold at REO auction. “We have a lot of military buyers here and it’s hard to find them affordable, updated homes in a timely manner,” said Julie, a New Mexico-based buyer. “My investing is helping provide renovated, updated homes to people that would have to rent otherwise.” Buyers most bearish and opportunistic in West and Southeast Buyers located in the West region of the country were the most bearish about home price appreciation in 2023, with 43 percent saying they expect home prices to decline for the year. That was up from just 7 percent in the 2022 buyer survey, and it was the highest percentage of any U.S. region. Thirty-seven percent of buyers in the Southeast region said they expect home prices to decline in their local markets, the second highest percentage among the U.S. regions and up from 12 percent in the 2022 survey. Despite rising expectations for a home price correction in 2023, 87 percent of buyers said they planned to increase or keep the same their property acquisitions for the year, up slightly from 86 percent in 2022. “Right now, we’re very, very bullish, but cautiously bullish, too, because I don’t know what events are going to come in that could throw a monkey wrench into my plans,” said Paul, a Florida-based buyer who purchases properties at REO auction. Buyers were most aggressive in terms of 2023 acquisition expectations in the West and Southeast regions — the two regions with the highest share of buyers expecting a home price correction in 2023. Ninety percent of buyers in both regions said they expect property purchases to increase or remain the same in 2023. More buyers shifting to renovate-and-rent strategy More distressed buyers are shifting to a renovate-and-rent investing strategy in the slowing 2023 market even while renovate-and-resell remains the dominant strategy. Half of all buyers surveyed said that renovating and reselling to owner-occupants was their primary investing strategy, down from 61 percent in 2022. Meanwhile, 39 percent of buyers surveyed said renovating and holding for rental was their primary investing strategy, up from 32 percent in the 2022 survey. “(My investing is) providing income to a lot of people and providing affordable rental properties to the community,” said Grace, a California-based buyer. Nearly nine in 10 buyers surveyed (88 percent) said they typically spend $10,000 or more for renovations on properties purchased on Auction.com. Nearly half (47 percent) said they typically spend between $20,000 and $50,000 on renovations. The average sales price for properties sold on Auction.com in 2022 was $178,000. The typical renovation budget skewed slightly higher for buyers whose primary investing strategy is reselling to owner-occupants: 53 percent of those buyers spend between $20,000 and $50,000 on a typical renovation compared to 46 percent for buyers whose primary strategy is holding for rental. “We put finishes in homes that we would like to have in our own homes,” said Kristen, a Massachusetts-based buyer. “We want those purchasing our homes to love the quality and design of the home and not need to do any additional work. We always look for the hidden things that need to be fixed or changed and never settle for shoddy construction.” Neighborhood stabilization an important motivation A majority of buyers ranked “Making Money” and “Building Generational Wealth” as one of their top three motivations for investing in real estate. “A single mother for many years, … investing affords me financial independence with a goal of creating a solid platform for my sons,” said Kerry, an Alabama-based buyer. Nearly half of buyers (47 percent) ranked “Improving Neighborhoods” as a top-three motivation while both “Expanding Homeownership” and “Providing Affordable Housing” were top-three motivations for more than one-third (38 percent) of buyers surveyed. “I pay the closing costs for veterans, first responders, and educators to help expand home ownership among these groups,” said George, a Texas-based buyer. More than 200 of the 448 buyers surveyed provided a short story of how their investing is helping communities through an optional open-ended question at the end of the survey. About Auction.com Auction.com is the nation’s leading online marketplace for the disposition of distressed residential properties. The company goes beyond traditional disposition programs, offering tools and services that stabilize neighborhoods, expand homeownership, maximize sales, shorten the sales cycle, yield higher returns, mitigate risks and elevate results. Our seller strategy includes customized and flexible programs, data intelligence and buyer insights, and pioneering technology. This includes Remote Bid®, which expands the buyer base nationwide by

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Monthly housing payments hit a new record high this week as mortgage rates jumped, pricing out many homebuyers, especially those with limited budgets Housing payments hit a new high this week as mortgage rates jumped due to progress on a possible debt-ceiling deal. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Daily average rates hit 7.12% on May 25, reaching their highest level since November. The typical U.S. homebuyer’s monthly mortgage payment hit a record-high $2,614 at a 6.57% mortgage rate, the current weekly average. The rate increase dampened homebuying demand. Pending home sales dropped 17.4% nationwide from a year earlier during the four weeks ending May 21, the second-biggest dip since January (the biggest was a 17.5% decline in early April). Mortgage-purchase applications declined too, dropping 4% from the week before. Potential sellers continued backing off, with new listings of homes for sale dropping 24%, one of the biggest declines since May 2020. That’s because homeowners continue to hang onto their homes, locked in by comparatively low rates. Even though demand is down, it’s still outpacing supply as the new-listing drought has caused the total number of homes for sale to post an annual decline (-0.9% YoY) for the first time in nearly a year. Despite rates jumping past 7% and a lack of new listings, many early-stage homebuyers remain committed. Redfin’s Homebuyer Demand Index, which measures requests for tours and other services from Redfin agents, increased from a week earlier and is essentially flat (-1%) from a year earlier. Some of these house hunters are likely to continue moving forward, while others may wait for rates to decline before securing loans. We may see a burst of pent-up demand when and if rates dip again. “People may be wondering why rates are surging as we come up against a potential debt crisis. Right now, the way investors are reacting is the driving force. Mortgage rates have increased over the past two weeks because it looks more likely that the U.S. government will avoid hitting the debt ceiling,” said Redfin Economics Research Lead Chen Zhao. “That may seem counterintuitive, but optimism is driving rates up because an economic crisis would lead to the Fed lowering rates as they try to prevent a recession. Financial markets felt the risk of default was unusually high for the last month or so, which caused rates to stay lower than they otherwise would have been. Now that Democrats and Republicans have come to the negotiating table and are making some progress toward a deal, rates are going up.” Mortgage rates passing 7% have varying impacts on homebuyers: Some are priced out, others are unfazed In the Seattle area, different buyers are reacting differently to mortgage rates surpassing 7%. Redfin Premier agent Hal Bennett, who works with buyers and sellers in pricey eastside suburbs like Bellevue and Sammamish, said buyers are shying away this week as rates tick past the 7% mark. But Bliss Ong, a Redfin Premier agent who works mainly in the city of Seattle, says the 7% number doesn’t present the same psychological barrier for her buyers that it did back in fall 2022. “Rates hitting 7% is pushing some homebuyers entirely out of the market, especially those with lower budgets. But a lot of them are just pushing their price range down,” Ong said. “The 7% number isn’t scaring away buyers as much as it did back in the fall. The housing market is different now because buyers are used to rates in the 6% range, and some of them are even motivated to secure a loan now in case rates rise further.” Jacksonville, FL Redfin Premier agent Heather Kruayai reports that in her area, it’s the most expensive homes that are most popular in today’s market. “Affordable listings are getting stale, but expensive ones are selling quickly. That’s usually because those buyers can lessen the impact of high rates by making huge down payments or paying in all cash,” Kruayai said. “Other than cash buyers moving in from out of town, the only people buying and selling are the people who need to because they’re retiring or going through another major life change.” Leading indicators of homebuying activity: Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending May 21. Redfin’s weekly housing market data goes back through 2015. For bullets that include metro-level breakdowns, Redfin analyzed the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy. To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-pending-sales-drop-mortgage-rates-pass-7

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Count of Vacant Homes in Foreclosure Increases for Fifth Straight Quarter;Zombie Properties Comprise Largest Portion of All Homes Since Before COVID Pandemic;But Just One of Every 11,600 Residential Properties Nationwide Sits Empty in Foreclosure ATTOM, a leading curator of land, property, and real estate data, released its second-quarter 2023 Vacant Property and Zombie Foreclosure Report showing that 1.3 million (1,285,633) residential properties in the United States are vacant. That figure represents 1.3 percent, or one in 79 homes, across the nation. The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure, equity, and owner-occupancy status — matched against monthly updated vacancy data. Vacancy data is available for U.S. residential properties at Marketing Lists – Property & Homeowners Lists | ATTOM (attomdata.com). The report also reveals that 311,508 residential properties in the U.S. are in the process of foreclosure in the second quarter of this year, up 4.3 percent from the first quarter of 2023 and up 20.2 percent from the second quarter of 2022. A growing number of homeowners have faced possible foreclosure since a nationwide moratorium on lenders pursuing delinquent homeowners, imposed after the Coronavirus pandemic hit in early 2020, was lifted in the middle of 2021. Among those pre-foreclosure properties, 8,752 sit vacant as zombie foreclosures (pre-foreclosure properties abandoned by owners) in the second quarter of 2023. That figure is up 7.5 percent from the prior quarter and up 15.6 percent from a year ago. The count of zombie properties has grown in each of the last five quarters, dating back to early in 2022. Still, the number of zombie foreclosures remains historically low, with little impact on the nation’s total stock of 101.3 million residential properties. “Zombie foreclosures keep inching up as lenders pursue more delinquent homeowners in courts around the country. All indications are that the number of zombie properties will keep going up slowly, given that foreclosures are up,” said Rob Barber, chief executive officer for ATTOM. “But abandoned properties are still nothing more than a dot on the radar screen among the majority of neighborhoods. We are still a long way from the fallout after the Great Recession of the late 2000s, when this was a very real issue in many areas around the U.S.” The lack of zombie foreclosures throughout most of the country continues to stand out as one of the most significant effects of the U.S. housing market boom that more than doubled the national median home value from 2012 to 2022. Zombie foreclosures rise again but still pose no issues in most neighborhoods A total of 8,752 residential properties facing possible foreclosure have been vacated by their owners nationwide in the second quarter of 2023, up from 8,141 in the first quarter of 2023 and from 7,569 in the second quarter of 2022. The number of zombie properties has grown quarterly in 29 states and annually in 36. While most neighborhoods around the U.S. have little or no zombie foreclosures, the biggest increases from the first quarter of 2023 to the second quarter of 2023 in states with at least 50 zombie properties are in Texas (zombie properties up 47 percent, from 114 to 168), Ohio (up 26 percent, from 846 to 1,070), Oklahoma (up 22 percent, from 142 to 173), Georgia (up 22 percent, from 78 to 95) and Iowa (up 21 percent, from 227 to 274). The only quarterly decreases among states with at least 50 zombie foreclosures are in Michigan (zombie properties down 20 percent, from 74 to 59), South Carolina (down 2 percent, from 154 to 151), Pennsylvania (down 1 percent, from 404 to 401) and New York (down less than 1 percent, from 2,006 to 2,000). New York continues to have the highest ratio of zombie homes to all residential properties (one of every 2,140 homes), followed by Ohio (one in 3,615), Iowa (one in 4,480), Illinois (one in 4,687) and Florida (one in 5,926). Overall vacancy rates unchanged The vacancy rate for residential properties in the U.S. has remained the same in the second quarter of 2023 after dropping in the prior three quarters. It now stands at 1.27 percent (one in 79 properties), the same as in the first quarter of 2023, but still down from 1.31 percent in the second quarter of last year (one in 76). States with the biggest annual drops in the overall vacancy rate are Tennessee (down from 1.55 percent of all homes in the second quarter of 2022 to 1.02 percent in the second quarter of this year), Michigan (down from 2.14 percent to 1.88 percent), Georgia (down from 1.61 percent to 1.39 percent), Minnesota (down from 0.95 percent to 0.73 percent) and New Jersey (down from 0.53 percent to 0.36 percent). Other high-level findings from the second quarter of 2023: Media Contact:Christine Stricker949.748.8428christine.stricker@attomdata.com

Rent. Introduces Aerial View for RentMarketplace. Listings

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With the introduction of Google Maps Platform’s Aerial View, renters can now experience a captivating 3D cinematic perspective, offering a bird’s-eye view of a community Rent., a leading provider of integrated marketing solutions to the multi- and single-family rentals industry, announced a landmark enhancement to listings on its RentMarketplace. network of sites. Rent. has entered into an agreement with Google Maps Platform to be the first in the multifamily industry to provide renters with a cinematic bird’s-eye view of communities and their surrounding areas nationwide, utilizing Google’s innovative Aerial View product. At the center of the Rent. platform lies its RentMarketplace. solution, a network of sites with visits from over 50 million homeseekers every month. Understanding that these visitors are hungry for immersive experiences that vividly convey the experience of living in a rental community, Rent. is continuously seeking ways to evolve and enhance. Aerial View from Google Maps Platform provides cinematic views from above of landmarks, monuments and other points of interest, including apartment community buildings. Visitors to the Rent. network of sites can now launch the aerial view directly from the gallery on a property’s listing. “Working with Google Maps Platform on this integration fits perfectly with our ongoing mission to provide renters with the information and properties they need, as well as empowering owners and operators to showcase their portfolios in the most engaging way possible,” shared Nishant Phadnis, Chief Product Officer at Rent. “Over the last twelve months, we have been building a powerful platform designed around the evolving needs and behaviors of today’s renters, and we are excited to share this next innovation.” Rent. is a comprehensive technology platform focused on addressing the needs of modern multifamily marketers while connecting the right renter with the right property at the right time. This is just the latest in a series of enhancements to the RentMarketplace. listing experience, including features such as Places Nearby, Walk Score® and Transit Score®, and Profile Sync with Google Business Profile, providing increasingly rich insights into life at listed properties. Aerial View will also be coming soon to Apartment Guide listings and our mobile app experience. About Rent. Rent. is a two-sided marketing platform that simplifies the entire renter experience by matching the right property with the right renter, at the right time. Through the Rent. network of websites, and mobile apps, and partnerships, and now Realtor.com, Rent. clients can reach over 350 million site visits per month. In addition, Rent. services the property side of the market with scaled marketing solutions such as search engine marketing, lead nurturing through chatbots and client automation tools, and reputation management through ratings and reviews as well as social media monitoring and marketing. This, paired with advanced search filtering and an optimized consumer app and site experience, enables Rent. to offer renters an ideal home-finding experience. Rent. exists to help people find the perfect place. Rent. is operated by Rent Group Inc., a subsidiary of Redfin Corporation.

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Nationwide, the typical home costs an estimated 25% more per month to own than rent; However, buying is more affordable than renting in Detroit, Philadelphia, Cleveland and Houston. There are just four major U.S. metropolitan areas where it would be cheaper to buy than rent the typical home—that is, the typical home has an estimated monthly mortgage cost lower than its estimated monthly rental cost. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. In Detroit, the typical home is 24% less expensive to buy than rent—the largest discount in percentage terms among the 50 most populous metros. The median estimated monthly mortgage payment for Detroit homebuyers is $1,296, compared with an estimated monthly rent of $1,697. Next comes Philadelphia (7% ownership discount), followed by Cleveland (4% discount) and Houston (1% discount). On average, in the 50 most populous U.S. metros, the typical home costs 25% more to buy than rent, with an estimated monthly mortgage payment of $3,385 and an estimated rent of $2,715. Redfin estimated monthly housing payments using the Redfin Estimate of the homes’ value in March and a 6.5% mortgage interest rate—the average rate in March. We estimated monthly rents on those same homes using the Redfin Rental Estimate. “Buying a home often makes more financial sense than renting if you can afford a down payment and monthly mortgage because you’re building equity. When you own your home, your home pays you; when you rent, you and your home pay your landlord,” said Redfin Deputy Chief Economist Taylor Marr. “But buying isn’t a feasible option for everyone. Some people move around a lot, so renting might make more sense because they won’t be in their home long enough to build equity. Many others simply don’t have the money for a down payment—a situation that has become increasingly common due to rising mortgage rates and elevated home prices.” In Detroit, 80% of properties are cheaper to buy than rent—the highest share in the U.S. Next comes Philadelphia (59%), followed by Cleveland (57%) and Houston (52%). That compares with a nationwide share of 19%. Mortgage Rates Would Have to Fall Significantly for Owning to Become Cheaper Than Renting Across the U.S. Detroit, Philadelphia, Cleveland and Houston are outliers. For homebuying to become cheaper than renting in other parts of the country, mortgage rates would need to fall substantially. If the 30-year-fixed mortgage rate dropped to 5%, the median estimated monthly mortgage payment for homebuyers would be $2,993, or 10% higher than the $2,716 estimated monthly rent. That’s significantly lower than today’s 25% homeownership premium. If rates dipped to 4%, the estimated premium would shrink to 1%. And if they fell back down to 3%, it would actually be 7% cheaper to rent. Please note that these calculations use estimated home values from March and prices and rents could change significantly if mortgage rates fall. Mortgage rates will likely fall below 6% by the end of the year as the Federal Reserve makes progress in its fight against inflation, but they’re unlikely to return to 3% levels anytime soon, Marr said. A national survey by Fannie Mae found that 22% of consumers surveyed in April think mortgage rates will fall, up from 12% the prior month. “I wouldn’t encourage people to squeeze their budgets in order to buy a home when prices are falling and we’re teetering on a recession,” Marr said. “In the years leading up to the pandemic, it made sense for some homebuyers to break the rule that says not to spend more than 30% of your income on monthly housing costs, but these times are more risky, so it makes sense to be a little more conservative.” In the Bay Area, Buying a Home Is More Than Twice as Costly as Renting In San Jose, CA the typical home is 165% more expensive to buy than rent—the largest premium in percentage terms among the 50 most populous metros. The median estimated monthly mortgage payment for homebuyers is $11,049, compared with an estimated monthly rent of $4,176. Next comes San Francisco (139% ownership premium), Oakland, CA (99% premium), Anaheim, CA (91% premium) and Seattle (88% premium). In the aforementioned metros, 0% of homes are cheaper to buy than rent. In Pandemic Boomtowns, Virtually No Homes Are Cheaper to Buy Than Rent In Sacramento, CA, Las Vegas, Phoenix and Austin, TX—metros that not long ago were fairly affordable but exploded in popularity and price during the pandemic—there are also virtually no homes that are cheaper to buy than rent. In Sacramento and Las Vegas, less than 1% of homes are cheaper to buy than rent. In Phoenix, the share is 1%, and in Austin, it’s 5%. All four metropolitan areas ranked on Redfin’s list of most popular migration destinations during the pandemic. “Housing affordability is an issue in Las Vegas. During the pandemic homebuying boom, we had a lot of people moving in from high-priced coastal areas. That caused home prices to soar faster than wages, creating a disadvantage for locals looking to buy,” said local Redfin Premier real estate agent Shay Stein. “The good news is that because the market has slowed, sellers are willing to accept offers from buyers who use FHA loans and down-payment assistance programs, and some are even throwing in money to help with mortgage-rate buydowns. All of that was unheard of during the 2021 homebuying frenzy.” To view the full report, including charts, additional metro-level data, and methodology, please visit: https://www.redfin.com/news/rent-vs-own-2023