More people than ever are renting homes, partly because increased apartment construction in some areas of the country has caused an overall reduction in the median asking rent, and partly because homebuying costs are so high. Laurie Goodman, a housing finance expert at the Urban Institute, told Marketplace that given how high home prices and mortgage rates are, “It is now substantially less expensive to rent than it is to buy a new home for most people in most parts of the country.”

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