In Washington D.C., homes are becoming more affordable and renter costs continue to soar.
The Washington Post examined the divergence, noting that, since 2007, renting costs have risen 12.5 percent, while homeowner costs have fallen 15.9 percent. Homeowners pay $415 a month less and renters pay $170 per month more than they were in 2007. The disparity is one of the largest in the nation.
The study suggests that the disparity between renters and owners is exacerbating inequality in the United States. Anyone wealthy enough to own real estate benefits from lower mortgage rates and tax deductions while those who rent are hit with rising housing costs, which hampers their ability to save enough to buy a home. Minorities and younger Americans, many of whom are burdened by student debt, are especially at risk of being locked out of homeownership.
Ownership costs include mortgage payments, property taxes, insurance and maintenance.