Buying a Home Is Cheaper Than Renting in the Majority of the US
The results of the2018 Rental Affordability ReportfromATTOM 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 staggering79.5% of average wageson rent, while the most affordable market was Madison County, AL where22.3% of average wageswent 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
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.
Call me directly at 904-403-6362. I can help if you let me.
Cheers to your success.
Author:Robert Herbert Phone: 904-403-6362 Dated: May 1st 2018 Views: 499 About Robert: Any Realtor can help you sell a house! No seriously, there are thousands of Agents in our market, ri...
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How Much Do You Need to Make to Buy a Home?It’s no mystery that cost
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