Buying Better Than Renting In 54 Of Markets

Dated: 01/16/2018

Views: 64

Buying Better Than Renting in 54% of Markets

DAILYREAL ESTATENEWS | FRIDAY, JANUARY 12, 2018

Despite rising prices, buying a home makes more sense than paying increasingly high rents in more than half of the U.S. Buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447—or 54 percent—of U.S. counties analyzed, according to a new report released by ATTOM Data Solutions, a real estate data firm.

Renting a three-bedroom property requires an average of nearly 39 percent of weekly wages across the 447 counties analyzed for the report. The least affordable markets for renting are: Marin County, Calif. (where it takes 79.5% of average wages to rent); Spotsylvania County, Va. (75.5%); Honolulu County, Hawaii (71.9%); Sonoma County, Calif. (67.6%); and Kings County, N.Y. (67.4%).

But a rentals are still often a better deal in highly populated areas. “Although buying is still more affordable than renting in the majority of U.S. housing markets, that majority is shrinking as home price appreciation continues to outpace rental growth in most areas,” says Daren Blomquist, vice president at ATTOM Data Solutions. “Renting has clearly become the lesser of two housing affordability evils in many major population centers, with renting more than affordable than buying in 76 percent of counties that have a population of 1 million or more.”

 

Want to Advertise on this Site?

Latest Blog Posts

Renting Vs Buying

Renting vs. buying: What can you afford?At what cost, percentage wise, is it better to rent than buy, if you plan on staying at a given location forever?—Anonymous Buying a home is likely the

Read More

3 Tips For Buying A New Construction Home

1. Hire areal estate agentOftentimes, buyers don’t feel areal estate agent is necessary when building a new home. After all, there’s a sales agent on-site to assist you with your questions,?

Read More

Single Women Over 55 Double Their Buying Force

Single Women Over 55 Double Their Buying Force ShareJuly 3, 2018Single women over the age of 55 have been the fastest-growing demographic of home buyers when compared with other

Read More

Fourth Of July Celebrations In Central Florida

                                                       

Read More