For years new homebuyers in America have enjoyed lower housing costs than renters.
多年来，美国新购房者的住房成本一直比租房者要低。
Between 2011 and 2020 the monthly mortgage payment on a typical home was 12% lower than the rental for a similar property (assuming a deposit of 13%, the current national average).
2011-2020年间，普通住宅的月供比同类房产的租金低 12%（假设首付为13%，符合当前全国平均水平）
A steady rise in home values, worth roughly 7% a year over the past decade, also ensured that buyers built equity in their homes.
过去十年间，房屋价值稳步上升，每年约上升 7%，这也确保了购房者能够积累房屋资产。
But, as our maps below show, today the choice between buying and renting looks different.
但是，正如我们下面的地图所显示的，如今购房和租房的选择有所不同。
Blame high house prices and soaring mortgage rates.
这要归咎于高房价和飙升的抵押贷款利率。
Since 2020 nominal house prices have climbed by roughly 40%, while the average 30-year fixed-rate mortgage rose from 3.1% to 7.3%.
自2020年以来，名义房价上涨了约40%，而30年期固定利率抵押贷款的平均利率从3.1%上升到7.3%。
Nominal mortgage payments have more than doubled since 2020; rents have risen by only about 20%.
自2020年以来，名义抵押贷款还款额增加了一倍多；租金仅上涨了约20%。
By our calculations, for 89% of Americans renting a two-bedroom place is now cheaper than buying a comparable property.
根据我们的计算，对于89%的美国人来说，现在租一套两居室的房子比买一套类似的房产要便宜。
Three years ago the figure was 16%.
三年前，这一数字为16%。
Our calculations do not cover long-term potential costs and benefits, such as outlays on maintenance,
我们的计算不包括长期潜在成本和收益，例如维护费用、
the asset value of a home once a mortgage has been paid off, or the opportunity cost of investing in a deposit for a house rather than, say, the stockmarket.
还清抵押贷款后房屋的资产价值，或者将存款投资于房产而不是股票市场的机会成本。
But they do show how the relative costs of buying and renting have been upended in much of America.
但这些数据的确表明，美国大部分地区买房和租房的相对成本已经发生了颠倒。
To restore the ownership advantage that prevailed in the 2010s would require dramatic shifts in market conditions:
想要恢复2010年代占主导地位的房屋所有权优势，就需要市场条件发生戏剧性转变：
house prices would have to tumble by one-third, average mortgage rates would have to fall to 3.2% or rental costs rise by at least 50%.
房价必须下跌1/3，平均抵押贷款利率必须降至3.2%，或者租房成本至少上涨50%。
