买房不如租房? | 经济学人双语学习笔记 | Rent or buy?

文章选自The Economist | Jan 7th 2026。房子是买还是租？值得关注的话题~

百年前胡佛喊出 “居者有其屋” 的美国梦，如今租房反倒成了更划算的选择！2022 年以来，发达国家利率飙升改写楼市规则，房价跌了、利率降了，但租客的优势却没消失。从美国到澳洲，从房租收益率到房贷利率，今天的文章把买房租房的利弊算得明明白白，更扒出了政策背后的深层逻辑。一起来学习叭！

标题部分

Is it better to rent or buy?

Much depends on long-term interest rates

租房与买房，哪种更划算？

答案很大程度上取决于长期利率走势

正文部分

“That our people should live in their own homes is a sentiment deep in the heart of our race and of American life,” said President Herbert Hoover, perhaps the most important advocate of mass homeownership in the country’s history, in 1931. “They never sing songs about a pile of rent receipts.”

1931 年，赫伯特・胡佛总统 —— 美国历史上推动全民住房自有化的头号人物—— 曾言：“国人安居于自有房产之中，这是镌刻在我们民族精神与美国生活底色里的深切愿景。人们绝不会为一沓房租收据谱写赞歌。”

• sentiment（n.）/ˈsentɪmənt / 情绪；观点；信念（多指基于情感的、被广泛认同的想法）。搭配：a sentiment deep in the heart 内心深处的信念。

• advocate（n.）/ˈædvəkət / 倡导者；支持者。搭配：an advocate of sth 某事的倡导者。例句：She is a passionate advocate of environmental protection. 她是一名热忱的环保倡导者。

• mass homeownership全民住房自有化（指大多数民众拥有自己住房的社会状态）。搭配：promote mass homeownership 推动全民住房自有化

• rent receipts房租收据。搭配：keep rent receipts 保留房租收据

But a ballad about the rental market is overdue. When rich-world interest rates began to surge in 2022, renting became a better deal than buying. House prices have since stagnated or slumped in many places, and rates are falling. Even so, there is reason to think that the winning streak for renters will continue.

但一首关于租房市场的赞歌，早该唱响了。2022 年发达国家利率开始飙升，租房就此比买房更划算。此后多地房价陷入停滞或暴跌，利率也随之走低。即便如此，有理由认为租客的 “红利期” 仍将延续。

• ballad（n.）/ˈbæləd / 民谣；歌谣（文中与前文 “sing songs” 呼应，表比喻义）。搭配：a ballad about sth 一首关于某事的民谣。例句：The old ballad tells the story of a farmer’s struggle against poverty. 这首古老的民谣讲述了一位农民对抗贫困的故事。

• overdue（adj.）/ˌəʊvəˈdjuː/ 早该发生的；逾期的。搭配：long overdue 早该如此的。例句：A pay rise for the workers is long overdue. 给工人们涨工资早就该兑现了。

• surge（v.）/sɜːdʒ/ 急剧上升；激增（多用于描述价格、利率、数量等）。搭配：surge in sth 某物的激增。例句：Oil prices surged after the international crisis broke out. 国际危机爆发后，油价急剧飙升。

• deal（n.）/diːl / 划算的买卖；交易。搭配：a good/bad deal 划算 / 不划算的事。例句：Buying this second-hand car turned out to be a great deal. 买这辆二手车结果是笔很划算的买卖。

• stagnate（v.）/ˈstæɡneɪt / 停滞不前；不发展。搭配：stagnate in sth 在某事上停滞不前。例句：The local economy has stagnated for years due to lack of investment.由于缺乏投资，当地经济已经停滞多年。

• slump（v.）/slʌmp / 暴跌；骤降（程度比stagnate 更深，多指价格、销量等大幅下滑）。搭配：slump to 暴跌至

• winning streak/striːk/ 连胜纪录；持续优势期（文中指租客持续享受的利好局面）。搭配：end a winning streak 终结连胜

According to Zillow, an American property website, the monthly cost of buying and keeping a home—including taxes, insurance, a modest maintenance cost and a downpayment of 20%—came to less than that of renting from 2015 to 2021, an era of ultra-low interest rates. Since then, however, the picture has flipped. Today a new buyer pays about $400 more a month. In several of the country’s largest cities, the difference runs to thousands of dollars a month.

据美国房产网站齐洛（Zillow）数据显示，2015 至 2021 年的超低利率时代，购置并持有房产的月均成本 —— 含税费、保险、小额维护费用及 20% 的首付款成本 —— 要低于租房成本。然而自那以后，形势彻底反转。如今首次购房者每月要多支出约 400美元，在美国多个一线城市，这一差额甚至高达每月数千美元。

• keep a home持有房产（指买房后承担的后续持有成本）。搭配：keep a home in 持有某处的房产

• modest maintenance cost小额维护费用。搭配：cover modest maintenance cost 承担小额维护费用

• downpayment首付款。搭配：a downpayment of + 百分比 / 金额 首付……（比例 / 金额）。例句：She saved for five years to make a 30% downpayment on a house. 她攒了五年钱，才凑够了一套房子 30% 的首付款。

• ultra-low interest rates超低利率。搭配：era of ultra-low interest rates 超低利率时代

• flip（v.）/flɪp / 彻底改变；反转。搭配：flip the script 反转局面。例句：The political situation flipped overnight after the election results were announced. 选举结果公布后，政治局势在一夜之间彻底反转。

• difference runs to差额达到。搭配：difference runs to thousands of dollars 差额高达数千美元。例句：The annual income difference between the two professions runs to over $50,000. 这两个职业的年收入差额超过 5 万美元。

This is not just an American phenomenon. According to CBRE, an estate agent, there is no Australian precinct where it is cheaper to buy a flat than to rent one. Rathbones, a British wealth-management firm, estimates that rental yields—the amount landlords make from tenants relative to the price of the house—are 5% or so, not much above the 4.4% for five-year fixed mortgages. Given that landlords must also meet steep maintenance and tax costs, this indicates renters are getting a good deal.

这绝非美国独有的现象。据房地产服务公司世邦魏理仕（CBRE）数据，澳大利亚没有任何一个区域的买房成本低于租房。英国财富管理公司拉斯伯恩（Rathbones）估算，当前租金收益率 —— 即房东从租客处获得的收益与房价的比值 —— 约为 5%，仅略高于五年期固定抵押贷款利率的 4.4%。考虑到房东还需承担高昂的维护与税费成本，这意味着租客正享受着实惠。

• phenomenon（n.）/fəˈnɒmɪnən/ 现象（复数形式：phenomena）。搭配：global phenomenon 全球现象

• estate agent房地产经纪人；房产中介公司。搭配：local estate agent 当地房产中介。

• precinct（n.）/ˈpriːsɪŋkt / 区域；辖区（文中指城市中的居住区域）。搭配：residential precinct 居住区域

• wealth-management firm财富管理公司。搭配：top wealth-management firm 顶级财富管理公司

• rental yields（n. phr.）租金收益率（衡量房产投资回报的核心指标）。搭配：rental yields increase 租金收益率上升

• steep maintenance and tax costs高昂的维护与税费成本

Renters often fear they are throwing away money by handing it to landlords, while buyers build up home equity. But property is not the only investment available. Arthur Cox of the University of Northern Iowa finds that, even from 1984 to 2013, a period of rising house prices and declining interest rates, people were sometimes better off if they avoided homeownership. In three of the six American metropolitan areas he investigated, renting and investing the extra money that would have been required for mortgage payments in stocks and corporate bonds was the more profitable choice.

租客常常担心，把钱交给房东就是在 “打水漂”，而购房者则能积累房屋净值。但房产并非唯一的投资选择。北爱荷华大学的阿瑟・考克斯发现，即便在 1984 至 2013 年这个房价上涨、利率下行的时期，对部分人而言，不买房反而更划算。在他调研的六个美国大都市区中，有三个区域的居民选择租房，并将原本需偿还房贷的余钱投资于股票和公司债券，能获得更高的收益。

• throw away money浪费钱；把钱打水漂。搭配：throw away money on sth 在某事上浪费钱。

• equity（n.）/ˈekwəti / 资产净值（文中指房屋价值减去未偿还房贷的部分）。搭配：home equity 房屋净值

• better off境况更好；更划算。搭配：be better off doing sth 做某事更划算。例句：We would be better off taking the train instead of driving, considering the high fuel cost. 考虑到高昂的燃油费，我们坐火车比开车更划算。

• metropolitan areas大都市区。搭配：large metropolitan areas 大型大都市区

• invest the extra money将余钱用于投资。搭配：invest the extra money in funds 把余钱投资于基金

• profitable choice盈利性选择；划算的选择。搭配：long-term profitable choice 长期划算的选择

True, in some places renters have recently lost ground. In Hong Kong, for instance, rental yields have risen from less than 2.5% four years ago to 3.5% today. The shift has been driven by a slump in house prices, which have fallen by a third in real terms since 2021.

诚然，在部分地区，租客的优势近来有所减弱。以中国香港为例，租金收益率已从四年前的不足2.5% 升至如今的 3.5%。这一转变的背后是房价暴跌 ——自 2021 年以来，香港房价的实际跌幅已达三分之一。

• lose ground失去优势；失利。搭配：lose ground to competitors 被竞争对手抢占优势

• shift（n.）/ʃɪft / 转变；变化。搭配：shift in public opinion 公众态度的转变

• slump（v.）/slʌmp / 暴跌；骤降（此处为名词用法，与前文动词用法一致）。搭配：a slump in house prices 房价暴跌

• in real terms扣除通胀因素后；按实际价值计算。搭配：increase in real terms 实际增长。

But there is a difference between mortgages in Hong Kong and those in other rich-world locations. Hong Kong’s borrowers mostly take on floating-rate mortgages, which typically move with the Federal Reserve’s short-term interest rates. Elsewhere, mortgages are more likely to depend on longer-term rates. And they have barely budged: despite recent interest-rate cuts, five- and ten-year government-bond yields mostly sit where they did three years ago. In America 30-year mortgage rates remain above 6%, more than twice the rock-bottom levels reached in the covid-19 pandemic. Although buyers can find shorter-term mortgages, they take on the risk of a rebound in inflation when doing so.

但香港的房贷与其他发达国家的房贷存在本质区别。香港的借款人大多办理浮动利率房贷，这类贷款利率通常随美联储的短期利率波动。而在其他地区，房贷利率更倾向于与长期利率挂钩 —— 且长期利率几乎纹丝不动：尽管近期多国降息，但五年期和十年期国债收益率基本与三年前持平。美国的 30 年期房贷利率仍高于 6%，是新冠疫情期间历史最低水平的两倍多。虽然购房者可以选择短期房贷，但这么做就要承担通胀反弹的风险。

• floating-rate mortgages/ˈmɔːɡɪdʒɪz/ 浮动利率房贷（利率随市场波动调整）。搭配：take on floating-rate mortgages 办理浮动利率房贷

• move with随…… 变动。搭配：move with market trends 随市场趋势变动。例句：The price of this commodity moves with the international market demand. 这种商品的价格随国际市场需求波动。

• longer-term rates长期利率。搭配：depend on longer-term rates 与长期利率挂钩。

• barely budged几乎没变动；纹丝不动 budged /bʌdʒd/本义指 “（使）微微移动；挪动”，引申为（价格、利率、立场等）丝毫不变；难以改变

• rock-bottom levels历史最低水平；谷底。搭配：reach rock-bottom levels 跌至历史最低水平

• rebound in inflation通胀反弹。搭配：a rebound in inflation 通胀反弹

Picking a likely victor in the ongoing battle between tenancy and ownership thus means taking a view on the future path of long-term interest rates. Your columnist would suggest that they look worryingly sticky. Concerns about government debt and long-term inflationary pressures are not going anywhere.

要判断租房与买房这场持久战的最终赢家，就必须预判长期利率的未来走势。本专栏认为，长期利率的居高不下令人担忧 —— 关于政府债务和长期通胀压力的顾虑，短期内不会消散。

• victor（n.）/ˈvɪktə(r)/ 胜利者；赢家。搭配：the victor of the competition比赛的赢家。

• tenancy and ownership 租房与买房；租赁与自有。tenancy /ˈtenənsi/租赁（期）；租用（权）

• columnist（n.）/ˈkɒləmnɪst / 专栏作家。搭配：economic columnist 经济专栏作家。

• sticky（adj.）/ˈstɪki/（价格、利率等）居高不下的；难以回落的（经济类外刊高频词）。搭配：sticky inflation 居高不下的通胀

Moreover, in recent years renter-friendly regulation has swept the West. Britain’s Renters’ Rights Act makes it more difficult for landlords to evict residents, and enables tenants to challenge rent increases via tribunals. Many American cities have frozen regulated rents, as Zohran Mamdani, New York’s new mayor, intends to do in his city. Such rules are terrible news for anyone considering making an investment in housing. They tip the calculation further in favour of tenants.

此外，近年来，利好租客的法规席卷了西方国家。英国的《租客权利法案》加大了房东驱逐租客的难度，并允许租客通过特别法庭对房租上涨提出异议。美国多个城市已冻结了管控房租的涨幅，纽约新任市长佐兰・曼达尼也打算在纽约推行这一政策。这类法规对任何考虑投资房产的人来说都是坏消息，它们进一步让利弊天平向租客倾斜。

• renter-friendly regulation利好租客的法规

• sweep the West席卷西方国家。搭配：sweep the country 席卷全国

• evict（v.）/ɪˈvɪkt / 驱逐；赶出（尤指依法驱逐租客）。搭配：evict sb from sp 从某地驱逐某人

• challenge rent increases对房租上涨提出异议

• tribunal（n.）/traɪˈbjuːnl / 特别法庭；裁判所（处理特定纠纷的机构）。搭配：rent tribunal 房租裁判所

• freeze regulated rents冻结管控房租（限制房租涨幅）

• tip/tɪp/使倾斜；使偏向一方（侧重让利弊、天平、局势等朝某一方向偏移）

  tip the balance/scales 使天平倾斜；扭转局势

  tip the calculation in favour of sb 让利弊权衡偏向某人

Buyers have reasons to own a home that surmount cold financial logic. Many feel the same emotional pull that animated Hoover almost a century ago. Others want a secure and long tenure. And in some markets, it is just a question of practicality: finding a large, single-family home to rent can be difficult. But for the cool, unemotional resident weighing up the pros and cons of buying, there is a clear winner. Absent a much steeper fall in house prices, a sudden decline in long-term interest rates or a protracted surge in rents, renting will remain the better option.

购房者选择买房，往往有超越冰冷财务逻辑的理由。许多人仍怀揣着近百年前让胡佛总统动容的那份情感执念；还有人渴望稳定长久的居住环境。在部分市场，租房的现实难题也不容忽视：想租到一套宽敞的独栋住宅并非易事。但对于理性权衡买房利弊的人而言，答案显而易见。除非房价大幅下跌、长期利率骤降，或是房租持续暴涨，否则租房仍将是更优选择。

• surmount（v.）/səˈmaʊnt / 克服；超越。搭配：surmount difficulties 克服困难。例句：The team managed to surmount the challenges and complete the project on time. 这个团队成功克服了挑战，按时完成了项目。

• pull（n.）/pʊl/（情感上的）强烈吸引力；执念；感召力（侧重内心被深深吸引）。搭配：emotional pull 情感执念。

• animate（v.）/ˈænɪmeɪt / 使有生气；驱动；激励。搭配：animate sb to do sth 激励某人做某事。例句：The hope of a better future animated the young people to work hard. 对美好未来的憧憬激励着年轻人努力奋斗。

• tenure/ˈtenjər/ 住房场景可以理解为居住权；保有期；长期使用权

• practicality/ˌpræktɪˈkæləti/实用性；实际可行性；现实考量（强调 “符合实际需求、便于操作、能解决实际问题”，区别于理论或情感层面的诉求）