According toÂ ATTOM Data Solutionsâ€™Â 2018 Rental Affordability Report, â€œbuying 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.â€�
For the report,Â ATTOM Data SolutionsÂ compared recently released fair market rent data from theÂ Department of Housing and Urban DevelopmentÂ with reported income amounts from theÂ Department of Labor and StatisticsÂ to determine the percentage of income that a family would have to spend on their monthly housing cost (rent or mortgage payments).
Daren Blomquist,Â Senior Vice President of ATTOM Data SolutionsÂ had this to say:
â€œAlthough 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.â€�
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.
Rents will continue to rise, and mortgage interest rates are still at historic lows. Before you sign or renew your next lease, letâ€™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.
Source: Keeping Current Matters