Owning More Affordable Than Renting in Almost Two Thirds of Housing Markets – Real Estate Investing Today
Owning a home is more affordable than renting in nearly 2/3 of America’s housing markets, according to ATTOM Data’s 2021 Rental Affordability Report. Breaking that down, the report says that owning a median-priced three-bedroom home is more affordable than renting a three-bedroom property in 572, or 63 percent of the 915 U.S. counties analyzed for the report. In addition, they say while home prices are growing faster than rent in more than 80%, renting remains more affordable in most populous urban markets
“Home-prices are rising faster than rents and wages in a majority of the country. Yet, home ownership is still more affordable, as amazingly low mortgage rates that dropped below 3 percent are helping to keep the cost of rising home prices in check,“ said Todd Teta chief product officer with ATTOM Data Solutions.