A recent study by Apartment List found that the gap between what a renter pays and what a homeowner pays for housing in the D.C. region is growing wider by the year. The disparity between the two is among the greatest in the nation.

The gap between what renters and owners pay for housing in D.C. is among the highest in the country, with the homeowners paying less.

While low mortgage rates, moderating home prices, and tax benefits have made owning a home more affordable, increases in population and the lack of new home building (or even plans to build) during the recession created an ongoing inventory shortage. The result is a lack of supply that has forced rents to rise.

Apartment List analyzed Census Bureau data from 2007 to 2014, comparing median monthly payments of homeowners who have mortgages with median rents. Ownership costs included all costs associated with owning a home — mortgage payment, property taxes, insurance and maintenance.

In the Washington region, home ownership costs have decreased 15.9% while rents have increased 12.5%.

The inflation-adjusted amount a homeowner pays monthly has fallen 13% nationally since 2007 while median rents have risen by 3.7%. In the Washington region, ownership costs have decreased 15.9% while rents have increased 12.5%. Homeowners are paying $415 a month less, while renters are paying $170 per month more than they were in 2007.

The study suggests that now is a great time to buy. With homes bringing in more in rent than the mortgage payment, potential owners have the option of buying an investment property with a good certainty of income generation, or a principle residence, which may be rented out in the future when the owner moves to another location.

Contact the Walker Team if you’re considering going from an apartment to owning a home.