Rents just hit a new high, but renting is still cheaper than owning. Here’s why.

Rents are hitting new highs, but renting is still mostly more affordable than owning a home in most big cities, according to a new report.

The national median rent rose for the 16th straight month and reached $1,876 in June, a new high, according to a Realtor.com’s June Rental Report. That’s pricey, but still 29.9% (or $561) lower than monthly starter homeownership costs. That’s due to higher mortgage rates pushing borrowing costs up.

The…