For the people recommending renting rather than buying in this markets, especially in VHCOL places, would that be a wrong advice? Because once rates start coming down the prices and competition will go up and will be in the similar frustrating position?
What am I missing? Also don’t see a way to homeownership unless ppl in VHCOL move to LCOL states.

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I think this is complex. Rates being high is also restraining sellers so if rates drop that could create a lot more inventory. However the rates that have existed for the past 5 years are an anomaly historically. I’m not sure that we will ever see rates below 5 again. That said, there is an imbalance between rantal rates and home costs. If you can rent for $3k or buy for $6k which is better long term? You can invest the extra $3k and have $4M in 30 years. The problem is that the rent will increase over time so after some point in the future, rent will be more than the house payment.

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It depends on so many factors.

At this point interest rate 5 looks much better

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