Buying A Home Is Cheaper Than Renting

Buying A Home Is Cheaper Than Renting

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


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.


Keri Pierce Headshot
Author:
Phone: 716-969-1490
Dated: May 8th 2018
Views: 40
About Keri: Let me just be honest. I AM that crazy cat lady but I can definitely help you find the home of your...

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Kriste Simmons & The Simmons Team of Reliant Realty ERA Powered -931-245-8800
124 Dunbar Cave Rd Suite A
Clarksville, TN
931-378-6383