Buying A Home Is More Affordable Than Renting In 54 Percent Of US Counties

Dated: 01/25/2018

Views: 76

Image title

According to ATTOM Data Solutions’ 2018 Rental Affordability Report, “buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 [or 54% of] U.S. counties analyzed for the report.”

For the report, ATTOM Data Solutions compared recently released fair market rent data from the Department of Housing and Urban Development with reported income amounts from the Department of Labor and Statistics to determine the percentage of income that a family would have to spend on their monthly housing cost (rent or mortgage payments).

Daren Blomquist, Senior Vice President of ATTOM Data Solutions had this to say:

“Although buying is still more affordable than renting in the majority of U.S. housing markets, the majority is shrinking as home price appreciation continues to outpace rental growth in most areas.”

However, the report also shows that the average fair market rent rose faster than average weekly wages in 60% of the counties analyzed in the report (266 of 447 counties). With rents rising, many renters should consider buying a home soon.

Bottom Line

Rents will continue to rise, and mortgage interest rates are still at historic lows. Before you sign or renew your next lease, let’s get together to help you determine if you are able to buy a home of your own and lock in your monthly housing expense.

Blog author image

Greg Flanagan

Greg is a seasoned agent having helped over 250 families sell their current homes and purchase the home of their futures. ....

Want to Advertise on this Site?

Latest Blog Posts

Apr 19 2018 12935 1

Good morning, Greg Flanagan here. Flanagan Home Team.com, Keller Williams Mount Pleasant, South Carolina.I’m talking today here about land contracts, a very seldom used product or strategy. What

Read More

99 Percent Of Experts Agree Home Prices Will Increase

Some believe that the combined effects of the new tax code and rising mortgage rates will have an adverse impact on residential real estate prices in 2018. However, the clear majority of 

Read More

5 Reasons Why To Sell This Spring

Here are five reasons listing your home for sale this spring makes sense.1. Demand Is StrongThe latest Buyer Traffic Report from the National Association of Realtors (NAR) shows

Read More

USDA Does More Than Meat Home Mortgage Loans

Good morning, Greg Flanagan here. Flanagan Home Team.com, Keller Williams Mount Pleasant South Carolina.Coming to you today talking about one-hundred-percent 100% financing on mortgages. There are a

Read More