Compare Listings

Buying a Home Is Cheaper Than Renting in the Majority of the US

Buying a Home Is Cheaper Than Renting in the Majority of the US

Buying a Home Is Cheaper Than Renting in the Majority of the US | Simplifying The Market

The results of the 2018 Rental Affordability Report from ATTOM show that buying a median-priced home is more affordable than renting a three-bedroom property in 54% of U.S. counties analyzed for the report.

The updated numbers show that renting a three-bedroom property in the United States requires an average of 38.8% of income.

The least affordable market for renting was Marin County, CA, just over the Golden Gate Bridge from San Francisco, where renters spend a staggering 79.5% of average wages on rent, while the most affordable market was Madison County, AL where 22.3% of average wages went to rent.

Other interesting findings in the report include:

  • Average rent rose faster than income in 60% of counties
  • Average rent rose faster than median home prices in 41% of counties
  • While median home prices rose faster than average rents in 58% of counties

Bottom Line

Buying a home makes sense socially and financially. If you are one of the many renters out there who would like to evaluate your ability to buy this year, let’s get together to find your dream home.

Source: Simple

img

J.R.Heller

Related posts

3 Things You Need in a Shifting Real Estate Market

Whether you are thinking of selling your house or buying a home, today’s real estate headlines...

Continue reading
J.R.Heller
by J.R.Heller

The Importance of Homeownership to the American Dream

For centuries, people in this country have seen homeownership as part of the American Dream....

Continue reading
J.R.Heller
by J.R.Heller

Do You Prefer the Charm of an Existing Home?

When homebuyers begin their research, they want to see all their available options! In many...

Continue reading
J.R.Heller
by J.R.Heller

Join The Discussion