Buying A Home Is Cheaper Than Renting In The Majority Of The US

Dated: April 23 2018

Views: 145

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 | MyKCM

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.

Blog author image

Jennifer Dorn

Jennifer Dorn is an Associate Broker with Berkshire Hathaway HomeServices Select Realty (BHHS Select Realty) and served as the Managing Broker for both Realty World Select (RWS) and BHHS Select Realty....

Latest Blog Posts

Your House May Be High On The Buyer Wish List This Holiday Season 11252020

Your House May Be High on the Buyer Wish List This Holiday SeasonAround this time each year, many homeowners decide to wait until after the holidays to sell their houses. Similarly, others who

Read More

Your House May Be High On The Buyer Wish List This Holiday Season

Your House May Be High on the Buyer Wish List This Holiday SeasonAround this time each year, many homeowners decide to wait until after the holidays to sell their houses. Similarly, others who

Read More

Is Buying A Home Today A Good Financial Move 11242020

Is Buying a Home Today a Good Financial Move?There’s no doubt 2020 has been a challenging year. A global pandemic coupled with an economic recession has caused heartache for many. However, it has

Read More

Is Buying A Home Today A Good Financial Move

Is Buying a Home Today a Good Financial Move?There’s no doubt 2020 has been a challenging year. A global pandemic coupled with an economic recession has caused heartache for many. However, it has

Read More