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As of February, it’s cheaper to rent a home than buy one in all of the US’s top 50 metros — and by a staggeringly wide margin, according to a recent study.

For a so-called “starter home” in any of these sought-after cities — which some have argued no longer exist thanks to sky-high borrowing rates and inflationary housing prices — it costs 60.1% less to lease the property than own it on a monthly basis, per Realtor.com’s February 2024 Rental Report.

On average, the stiff premium for homeownership amounts to roughly $1,027 in monthly costs — though in the most sought-after cities, that figure more than doubles.

In Austin, Texas, for example, the gap between renting and buying was the largest, according to Realtor.com’s report that was earlier reported on by the Daily Mail.

The monthly cost of buying a starter home — a zero-to-two-bedroom home, per Realtor.com — in the Austin area was $3,695 in February. The sum marked a staggering 141.5%– or $2,165 — more than the typical monthly rent of $1,530 in the Texan capitol.

Seattle’s housing market also boasted a large disparity between buying and renting: The monthly cost of buying a starter home was $4,422 in February, while the median rent was $2,000 — a 121.1% difference, per Realtor.com.

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And in Phoenix, Ariz., the cost of renting monthly, an average of $1,543, was nearly half the $3,071 per month it would require to buy.

Though it’s more expensive to buy a home in all of the 50 major metros in the US, San Francisco, Los Angeles, San Jose and Sacramento in California, as well as Nashville, Portland and Houston rounded out the top 10 cities with the biggest difference between buying and renting.

For reference, in Realtor.com’s February 2023 Rental Report, it found that renting a starter home was more affordable than buying in 45 of the largest US cities.

In the 12 months since, Memphis, Tenn.; Birmingham, Ala.; Pittsburgh, Pen.;, St. Louis, Mo.; and Baltimore, Md., have flipped from favoring homeowners to favoring renters, according to the Daily Mail.

Realtor.com — which assumed an 8% downpayment, a mortgage rate of 6.78% and included the cost of taxes, insurance and fees in its calculations — noted that buying a starter home is becoming increasingly more expensive as the price of monthly rents have dropped at a faster rate than buying costs.

In February, buying costs dropped 1.6% in the previous 12 months, while rent costs dropped 4.44%.

The key driver of this was elevated mortgage rates, Realtor.com said.

In February, the average rate on a 30-year fixed-rate mortgage was 6.78%, according to the real-estate listings website — up from 6.26% 12 months prior.

Surging rates have made it so unaffordable to take on a mortgage that there’s a growing number of buyers these days that Redfin calls “nepo” buyers — a reference to the nepo baby phenomenon where children of celebrities ride their coattails to gain a foothold on a career.

According to a recent survey from Redfin, 36% of Gen Zers, whose ages range between 12 and 27, and millennials, 28 to 43, are expecting a cash gift from family members in order to fund their downpayment twice as many as there were just five years ago.

Another 16% are anticipating to use an inheritance to help fund their downpayment, and 13% plan to live with their parents or other family members.

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Everyone in UK ‘must step up’ to deter Russian threat of wider war, armed forces chief to warn

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Everyone in UK 'must step up' to deter Russian threat of wider war, armed forces chief to warn

The whole of the UK – not just its armed forces – needs to step up to deter the threat posed by Russia of a wider war in Europe, Britain’s military chief will say.

In the kind of nation-wide call to action that has not been heard since the height of the Cold War, Air Chief Marshal Sir Richard Knighton will use a speech in London on Monday evening to urge the British public to make defence and resilience “a higher priority”.

He will say Russia’s war in Ukraine shows that Vladimir Putin’s willingness to target his neighbours “threatens the whole of NATO, including the UK. The Russian leadership has made clear that it wishes to challenge, limit, divide and ultimately destroy NATO”.

Yet there was nothing in excerpts of the speech – released in advance by the Ministry of Defence – that pointed to any push by Sir Keir Starmer’s government to increase defence spending faster than planned, despite the flashing warning signs and concerns among senior military officers that the budget is currently set to grow too slowly.

In a further articulation of the threat, Blaise Metreweli, the new head of MI6, will use a separate speech on Monday to warn that the “front line is everywhere” in a new “age of uncertainty”.

“The export of chaos is a feature not a bug in the Russian approach to international engagement,” she will say, in her first public comments since becoming the first female chief of the Secret Intelligence Service in October.

“We should be ready for this to continue until Putin is forced to change his calculus.”

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Read more:
Head of MI6: ‘Never seen the world in a more dangerous state’
NATO chief calls for 400% increase in air and missile defence

Defence and security chiefs across the NATO alliance are increasingly sounding the alarm about the potential for Russia’s war in Ukraine to ignite a much wider conflict.

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NATO ‘must prepare for scale of war our grandparents faced’, warns chief Mark Rutte

Mark Rutte, the head of NATO, last week said Europe must ready itself for a confrontation with Russia on the kind of scale “our grandparents and great-grandparents endured” – a reference to the First and Second World Wars.

At the same time, Al Carns, the UK’s armed forces minister, said Britain is “rapidly developing” plans to ready the entire country for the possible outbreak of war.

Sky News revealed last year that the UK had no national plan for the defence of the country or the mobilisation of its people.

By contrast, a detailed blueprint for the transition from a state of peace to one of war existed throughout the Cold War, setting out not just what the armed forces, emergency services and local governments had to do in the event of conflict, but also wider society, including people working in industry, schools and public transport.

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‘New era’ of threats from Russia, China and Iran

However, this Government War Book was quietly shelved after the Soviet Union collapsed and successive governments took a so-called “peace dividend”, shifting investment out of defence and into other priorities such as health and welfare.

Sky News and Tortoise have documented the hollowing out of the UK’s armed forces and wider national resilience in a podcast series called The Wargame.

The expected comments by Air Chief Marshal Knighton in an annual lecture at the Royal United Services Institute (RUSI) appear to signal an attempt by the government to put the country back on more of a war footing in the face of rising threats.

But military insiders have warned that a timeline set out by the government of 10 years to boost defence spending to 3.5% of GDP from 2.3% is far too slow.

👉 Click here to listen to The Wargame on your podcast app 👈

The chief of the defence staff will say: “The situation is more dangerous than I have known during my career and the response requires more than simply strengthening our armed forces. A new era for defence doesn’t just mean our military and government stepping up – as we are – it means our whole nation stepping up.”

He will nod to the planned uplift in spending, noting “the price of peace is increasing”.

He is set to say: “The war in Ukraine shows that Putin’s willingness to target neighbouring states, including their civilian populations, potentially with such novel and destructive weapons, threatens the whole of NATO, including the UK.”

This is a threat that wider society needs to prepare for as well as the military.

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Military analyst Sean Bell looks at the threat Russia poses

“Our armed forces always need to be ready to fight and win – that’s why readiness is such a priority,” Air Chief Marshal Knighton will say.

“But deterrence is also about our resilience to these threats, it’s about how we harness all our national power, from universities, to industry, the rail network to the NHS. It’s about our defence and resilience being a higher national priority for all of us. An ‘all-in’ mentality.”

It is a highly unusual intervention that has echoes of the Cold War when the UK last involved all of society in a programme of national defence and resilience against the threat of World War Three and potential nuclear Armageddon posed by the then Soviet Union.

“We are heading into uncertainty, and that uncertainty is becoming more profound, both as our adversaries become more capable and unpredictable, and as unprecedented technology change manifests itself,” Air Chief Marshal Knighton will say.

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Sports

Hughes scores in winning Wild debut after trade

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Hughes scores in winning Wild debut after trade

ST. PAUL, Minn. — Quinn Hughes scored in his Minnesota debut and the Wild beat the Boston Bruins 6-2 on Sunday for their fourth straight win.

Kirill Kaprizov had two goals and an assist for the Wild, who improved to 16-3-2 since Nov. 1, including 10-0-2 at home.

Ryan Hartman had a goal and two assists, Matt Boldy had a goal and an assist and Jared Spurgeon also scored for Minnesota. Filip Gustavsson made 29 saves, improving to 6-1-1 with a 1.84 goals-against average and .931 save percentage in his past eight starts.

Alex Steeves and Andrew Peeke scored, and Jeremy Swayman made 25 saves for Boston.

Playing his first game with the Wild after being acquired in a blockbuster trade with Vancouver on Friday, Hughes took a drop pass from Hartman in the opening minute of the third period and put a low wrist shot between Swayman’s pads to make it 4-0.

Hughes, who led all defensemen with 92 points in 2023-24, was paired with Brock Faber on Minnesota’s top blue-line pair and quarterbacked the first power-play unit. Faber had two assists.

Spurgeon scored his first goal in 30 games when his wrist shot found its way through traffic for a power-play tally midway through the first period for a 1-0 lead.

Midway through the second period, Kaprizov doubled the Wild lead thanks to a fortuitous carom. Boldy’s shot was deflected by a defenseman but quickly ricocheted off the end boards to Kaprizov who tucked the puck past Swayman at the right post.

Faber split a pair of defenders and fed Hartman for an easy redirect less than four minutes later for the Wild’s second power-play tally.

Boldy made it 5-0 before Steeves scored off a scramble midway through the third period. Kaprizov made it 6-1 with his 20th of the season with 5:05 remaining, and Peeke scored in the final second of the third period.

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Sports

Canucks’ Buium: Not misled by Wild before trade

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Canucks' Buium: Not misled by Wild before trade

NEWARK, N.J. — Zeev Buium was the Minnesota Wild‘s defenseman of the future until they made him the centerpiece of the Quinn Hughes trade last Friday, shipping the 20-year-old in a package to the Vancouver Canucks for their star captain.

Buium said he doesn’t feel he was misled about his status with the Wild before the trade.

“I don’t think anything they told me was a lie. I really don’t,” Buium said Sunday after the Canucks’ 2-1 road victory over the New Jersey Devils. “[Wild GM] Bill Guerin is an unbelievable person. He’s such a smart guy. He wants to try and win now, and that’s a move he thought was best for the team. At the end of the day, you have to do what’s best for the team.”

Buium was traded to Vancouver along with center Marco Rossi, winger Liam Ohgren and a 2026 first-round pick for Hughes, the 26-year-old Norris Trophy winner who is considered one of the best defensemen in hockey. Hughes had 432 points in 459 games heading into Sunday’s action and was the leading scorer on Vancouver (23 points in 26 games) before Friday’s blockbuster trade.

Buium had two points in his debut with the Canucks, both on the power play. He earned an assist on Jake DeBrusk‘s opening goal and then was credited with his fourth goal of the season when his pass deflected off the stick of Devils defenseman Brenden Dillon.

He was drafted 12th overall in 2024 by the Wild and was an offensive dynamo with the University of Denver for two seasons (98 points in 83 games). He had 14 points in 31 games as a rookie this season before the trade.

Guerin called Buium a “special kid and a special human,” but he indicated that the Wild’s bid for Hughes was only successful because Buium was a part of it.

“I love that kid, but you have to give something to get something,” Guerin said.

Buium didn’t take the trade personally, but he said he’ll use it as motivation.

“I don’t think it’s [Guerin] saying, ‘You’re not good enough’ or ‘We don’t believe in you.’ But I think he sees me needing to develop a little bit more,” Buium said. “I think it works out for both teams. I’m going to do my best to show the Canucks that they made a good trade. Hopefully, I can turn into a player like that.”

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