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With mortgage rates high, renting is less expensive than buying [Video]

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The cost of housing is generally expensive across the board for Americans, whether you’re a renter or an aspiring homeowner.

While both home prices and rent have outpaced wage growth in most areas, renting can be the smarter financial choice in many markets, said Susan M. Wachter, a professor of real estate and finance at The Wharton School of the University of Pennsylvania. 

“The cost of homeownership versus renting has been [making it] daunting to become a homeowner. It’s less expensive to be a renter in most markets in the U.S.,” Wachter recently told CNBC.

More from Personal Finance: A flood insurance quirk makes basements a bad place to keep your stuffHere’s how the IRS is targeting top earners for an auditBiden to forgive $1.2 billion in student debt for over 150,000 borrowers

There is no one-size-fits-all answer when you’re deciding whether to buy or rent. What’s right for you will …

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