A new analysis by Zillow finds that the median rent in the United States is now $1,416.00 which would cover monthly expenses for a home valued at $289,505. The median value of a home in the U.S. is currently $196,500.
In fact, renters in Milwaukee and Cleveland can now afford to buy a home more than twice the local median value.
Of course, all bets are off when it comes to San Francisco, one of the few cities where a monthly rental payment will not cover the costs of owning a median valued house. Renters in S.F. looking to keep monthly expenses the same could afford to buy a home valued at $865,857. Unfortunately, that represents just 23 precent of the home on the market with the median home value in the city standing at over $1 million.
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