Buying A Home Is More Affordable Than Renting In 54% Of US Counties

According to ATTOM Data Solutions’ 2018 Rental Affordability Report, “buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 [or 54% of] U.S. counties analyzed for the report.”

For the report, ATTOM Data Solutions compared recently released fair market rent data from the Department of Housing and Urban Development with reported income amounts from the Department of Labor and Statistics to determine the percentage of income that a family would have to spend on their monthly housing cost (rent or mortgage payments).

Daren Blomquist, Senior Vice President of ATTOM Data Solutions had this to say:

“Although buying is still more affordable than renting in the majority of U.S. housing markets, the majority is shrinking as home price appreciation continues to outpace rental growth in most areas.”

However, the report also shows that the average fair market rent rose faster than average weekly wages in 60% of the counties analyzed in the report (266 of 447 counties). With rents rising, many renters should consider buying a home soon.

Bottom Line

Rents will continue to rise, and mortgage interest rates are still at historic lows. Before you sign or renew your next lease, let’s get together to help you determine if you are able to buy a home of your own and lock in your monthly housing expense.  Contact us today and lets explore your options!

It is so much nicer to have someplace to call “Home”!  Someplace where you plant a garden if you like, build the patio or porch of your dreams!  You get to choose.  Here in Northeast Georgia we have so many options, you can explore all your choices and decide where you want to call “Home”.  Do you prefer a quieter rural area?  We have them.  The suburban lifestyle is more your speed?  There are many.  Prefer something in between?  Consider checking out the Winder, Barrow County area.  A perfect blend of both.

By |2018-03-25T11:47:39-04:00March 31, 2018|Blog, Real Estate Financing|

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