The ratio between the two just expanded to the greatest gap since 2008, and it does not favor buying. Mortgage rates have made buying completely unaffordable even for those who can get a mortgage. That's why housing demand has suddenly fallen off a cliff.

The Mortgage Bankers Association reports that before lockdowns, median mortgage payments and asking rents were equal at $1,200. The choice was really about making the best choice to fit with career plans and duration of residency. Since lockdowns, rents have risen 10 percent to $1,314 while mortgage payments have risen 58 percent to $1,893. Now it is a different matter. It is about figuring out how to avoid being pillaged.