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

Published by: The KCM Crew, April 23, 2018

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, meet with a local real estate professional who can help you find your dream home.

For the full article, visit Keeping Current Matters at: https://www.keepingcurrentmatters.com/2018/04/23/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

Visit Christopher Tenggren’s Blog again soon at: http://HomesInTheFoxValley.com/blog

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