To buy or not to buy has never been a simple decision. And this ever-changing housing market isn’t making it any easier. With surging mortgage rates, record-breaking rents and home prices, a potential economic downturn and other lifestyle considerations – there’s so much to factor in. On average across the 50 largest United States metro areas, a typical renter pays about 40% less in rent than a first-time homeowner. However, that’s not the case for everyone. In December 2022 buying was more affordable in 5 of the largest U.S. metros. What makes sense for you and your family depends on where you plan on living, how long you plan to stay, and your financial circumstances. Chapters: 00:00 — Introduction 01:51— Current market 06:43 — Rent vs. buy 10:32 — Cleveland 14:55 — Looking ahead Produced and Shot by: Emily Lorsch Edited by: Jacob Harrell Additional Cameras: Peter Bittner, Magdalena Petrova Animation: Christina Locopo Senior Managing Producer: Tala Hadavi Additional Footage: Getty Images, WKYC » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC #CNBC Rent vs. Buy: Which Makes More Sense In The Current Real Estate Market?