On today's episode of The Excerpt podcast: As campus protests continue nationwide, Columbia University has begun suspending students. USA TODAY National Political Correspondent David Jackson has the latest on a tight race between President Joe Biden and former President Donald Trump. Four law enforcement officers were killed while serving a warrant in North Carolina. The death of Ohio man Frank Tyson, who told police 'I can't breathe,' has echoes of George Floyd. USA TODAY Money, Markets and Personal Finance Reporter Medora Lee explains why you're better off renting than buying a home in major U.S. cities.

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Hit play on the player below to hear the podcast and follow along with the transcript below. This transcript was automatically generated, and then edited for clarity in its current form. There may be some differences between the audio and the text.

Taylor Wilson:

Good morning. I'm Taylor Wilson, and today is Tuesday, April 30th, 2024. This is The Excerpt. Today, student protesters are being suspended at Columbia. Plus, the latest look at Biden and Trump's tight election race. And you're better off renting than buying a home in US cities.

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Columbia University's administration said yesterday it has begun suspending students hours after demonstrators defied a deadline for clearing the Gaza solidarity encampment on campus, which fueled similar protests at colleges across the country. Spokesperson Ben Chang said the university had notified students they would be suspended if they did not vacate the encampment by 2:00 PM Eastern Time yesterday, after the sides failed to reach an agreement earlier in the day. The site, he said, has created an unwelcoming environment for many Jewish students and faculty, and it has been noisy at the center of campus. But protest organizers note that many demonstrators in their space are Jewish, including several of the more than 100 arrested when the university asked police to break up another encampment on April 18th. Columbia protesters demand the school halt investments with companies profiting from Israel's war against Hamas and Gaza, and they want amnesty for students and faculty involved in the protest.

Elsewhere, at Ohio State, where more than 40 protesters were arrested last week, school president, Ted Carter, said in an email yesterday that the university will not be overtaken like other campuses. Another student demonstration is expected later in the week.

And US schools got support from abroad in protesting the war in Gaza. Demonstrators took to Paris's Sorbonne University yesterday chanting, "Free Palestine," at the university's gates, while some students set up tents in the courtyard.

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Former President Donald Trump and President Joe Biden are near-even in this year's presidential election race. I caught up with USA TODAY National Political Correspondent, David Jackson, for the latest.

David, thanks for hopping on.

David Jackson:

Hey. Thanks for having me.

Taylor Wilson:

So David, just how close has this race gotten between Joe Biden and Donald Trump?

David Jackson:

It's basically a dead-heat. The RealClearPolitics website average of recent polls give Trump a one point lead, and that's well within the margin of error. So basically, it's a tie. I don't think any relative pollster would tell you anything else.

Taylor Wilson:

And David, why are things this close? What do experts say here?

David Jackson:

Well, of course the trick here is people are having a hard time understanding that given all of Donald Trump's troubles, he's on trial, he could be facing a prison sentence, he's been assessed damages of more than half a billion dollars, and he's been accused of being a willing authoritarian. So a lot of people are wondering why he's been able to stay afloat politically. And the answer is because of Joe Biden. Many voters in these surveys don't like Biden's performance as President and don't like the economy that's been developed during his administration. So I think those are the two main factors that are keeping Trump in this.

Taylor Wilson:

I'm curious, David, are voters more concerned at this point about the quote unquote "issues" this election, thinking about things like the economy, immigration, the war in Gaza and more? Or do they appear to be making up their minds based on other factors, like say, you mentioned Trump's legal problems or Biden's age and health?

David Jackson:

Based on the evidence of looking at the polls and talking to a lot of people, they are basing their opinion on the issues, particularly the economy. I know the statistics are up, there are signs that the economy is coming back from COVID, but there's also evidence that a lot of voters just aren't feeling this way. They're very concerned about the rising cost of living, and they're taking it out so far on President Biden.

Taylor Wilson:

So what future developments over these next six months could decide the election as things continue to be neck and neck?

David Jackson:

Well, the next big thing is the verdict in the ongoing hush money trial that Donald Trump is undergoing here in New York. There's some feeling that if he's convicted of a crime that that will cost him some votes, because these polls also indicate a fairly significant number of Republicans, as many as 5 or 10%, are saying that they would not vote for Trump if he is a convicted felon. And of course the flip side of that is if he's acquitted or if there's a hung jury, that will likely benefit Trump. But that is the most obvious thing that's going to happen in the future that will have an impact on this election.

There's always going to be something. I mean, who knows what's going to happen? There could be a health issue involving either candidate, something on the foreign affairs front, particularly in the Middle East. There's just all kinds of things that could decide this race, because the bottom line is that it's close now and most people expect it to stay close until election day on November 5th. And that means you could have any number of a dozen things that could actually decide this race.

Taylor Wilson:

All right. It should be a fascinating next few months. David Jackson is a national political correspondent with USA TODAY. Thank you, David.

David Jackson:

Thanks, sir.

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Taylor Wilson:

Four law enforcement officers, including three on a US Marshals Task Force were killed, and four other officers were injured yesterday after being shot while attempting to serve a warrant in Charlotte, North Carolina, according to authorities. Members of the task force were attempting to serve a warrant for possession of a firearm by a convicted felon at a suburban home in Charlotte, according to Charlotte-Mecklenburg Police Chief Johnny Jennings at a news conference. He said the suspect opened fire at the officers with a high-powered rifle as they approached the residence. Officers returned gunfire and struck the suspect, who was later pronounced dead in the front yard of the residence. A second person inside the residence then fired on officers.

Newly released body camera footage shows the arrest of an Ohio man who died during a confrontation with police, which an attorney representing his family said resembled the 2020 murder of George Floyd. 53-year-old Frank Tyson died earlier this month during an encounter with police after he crashed his car and entered a nearby private club. Both Tyson and Floyd said, "I can't breathe," before their deaths. Authorities said Tyson was acting erratically. Two police officers tried to remove him from the club and took him to the floor during a scuffle. Tyson, who told police at the club that someone was trying to kill him before officers arrived, yelled, "They're trying to kill me," as officers fought with him.

Police body camera footage released by the city shows Tyson face down on the floor with his arms handcuffed behind his back for nearly eight minutes before an officer realized he could not feel a pulse. Officers took the handcuffs off and applied chest compressions for several minutes. Tyson was then treated by Canton Fire Department paramedics who took him to a local hospital where he was pronounced dead. You can read more with the link in today's show notes.

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You're better off renting than buying a home if you live in a major US city. I spoke with USA TODAY Money, Markets, and Personal Finance Reporter, Medora Lee, for more.

Hello, Medora.

Medora Lee:

Hi. How are you?

Taylor Wilson:

Good. Thanks for hopping back on The Excerpt. So, you write that it's now better to rent than buy a home in big cities. What's the data tell us here?

Medora Lee:

Home prices have risen so much that renting in all 50 of the largest metro areas in the United States is now cheaper than buying a home on a monthly basis. Your typical monthly mortgage for a medium priced home in the US is about $2,703, versus the typical monthly rent nationally is $1,979. So it's about 37% cheaper on average.

Taylor Wilson:

Wow. So where are some of the biggest gaps between renting and buying?

Medora Lee:

So the biggest gaps are mostly in the west where the cost of living tends to be higher. Places like San Francisco Bay Area, that one's at the top. This one will blow your mind, because the typical monthly rent is just over $3,000, whereas the typical mortgage payment is over $8,500 a month. So, for sure, renting is way cheaper there. And then there's also the San Jose, Sunnyvale, Santa Clara area where the monthly rent is just over 3,250 a month, and a mortgage payment's just over $8,500 a month. And then from there it goes to Seattle, Salt Lake City, and then there's Texas to round out the top five.

Taylor Wilson:

And how about some of the smallest gaps?

Medora Lee:

So the smallest gaps tend to be in the Northeast and the Midwest where the cost of living is a little lower. If you go to the Detroit area, it's actually almost even. The monthly rent is just 2% lower at 1,395 a month, versus a mortgage payment of 1,423. So there it may be a little bit more of a coin toss. But Pittsburgh, you see a 5% gap. Philadelphia, Camden, Wilmington, in that area, Pennsylvania, New Jersey, Delaware, it's not quite a 9% difference. Ohio, monthly rent's 1,377 a month, and the mortgage payment's 1,537. And then you have the Buffalo, New York area to round out the top five.

Taylor Wilson:

So Medora, why is this happening? What market factors are influencing this?

Medora Lee:

Home prices, as everybody knows, just have skyrocketed, and rents have too, but it's just that rents haven't risen quite as much. Home prices are really in this kind of different world. They've risen probably about 30% since pre-pandemic levels. And there's really no relief coming soon, because it seems that people who bought during the pandemic locked in low mortgage rates and they're probably not going to move anytime soon, because even if the Fed starts to cut interest rates, they're looking at 3% mortgage rate. Now, we're over 7%. So even if the Fed starts cutting rates, we're not going to get down to 3% anytime soon. So that's hurting, and they can't build houses quite that fast. The rental supply is tight also, but we're seeing a lot more supply coming onto the market slowly.

Taylor Wilson:

So then I'm going to ask for some advice here, Medora. How should folks make this decision for themselves about whether to rent or buy right now?

Medora Lee:

If you're feeling a little financially stressed, just put away your fear of missing out on a home. Don't go chasing an expensive home. Instead, take this time to rent and pay off some debt and save some money. And then maybe by the time interest rates come down a little bit, maybe you can find something that's a little more affordable on a monthly basis. However, having said that, if you are financially sound and you have an emergency savings fund, you put away money for retirement, you don't have a lot of credit card debt and you find your dream home, just go for it, and think, "Maybe in a couple of years I can refinance."

Taylor Wilson:

All right. Medora Lee covers money, markets, and personal finance for USA TODAY. Thanks, Medora.

Medora Lee:

Thank you. Have a good day.

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Taylor Wilson:

And today is Honesty Day, a chance to be truthful to those around you. Thanks for listening to The Excerpt. You can get the podcast wherever you get your pods. And if you're on a smart speaker, just ask for The Excerpt. I'm Taylor Wilson, back tomorrow with more of The Excerpt from USA TODAY.

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