Factoring in an assumed 10% down payment on newly purchased home, the National Multifamily Housing Council says a 30-year fixed-rate mortgage payment costs a whopping $1,176 more than renting an apartment, as of the end of 2022.   

"Rapid home price appreciation in recent years coupled with rising interest rates has caused the monthly cost of homeownership to rise far more than both the cost of rent and other consumer goods," said the National Multifamily Housing Council, a trade group for the apartment industry.

The cost of owning a home has soared 71% in three years -- an average of about 20% per year, compared to an average annual rent increase of 6.3%.