If it doesn’t sense to pay $2000 for rent for a house that is worth only $316k, won’t it even more surprising that there are people who is willing to pay higher rent like in South Lake Tahoe, Phoenix and Las Vegas? Can anyone explain why? In Austin, PITI + HOA (+ maintenance & repairs + accrued asset replacement) is higher than rent, so it makes sense that some would rent. But in SLT, Phoenix and LV, it is claimed that PITI + HOA is much less than rent, why would anyone rent?