Buying Better Than Renting in 54% of Markets
DAILY REAL ESTATE NEWS | FRIDAY, JANUARY 12, 2018 Is Your Money Working For You?
Despite rising prices,Is your money working for you, so buying a home makes more sense than paying increasingly high rents in more than half of the U.S.
Buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447—or 54 percent—of U.S. counties analyzed, according to a new report released by ATTOM Data Solutions, a real estate data firm.
Renting a three-bedroom property requires an average of nearly 39 percent of weekly wages across the 447 counties analyzed for the report. The least affordable markets for renting are: Marin County, Calif. (where it takes 79.5% of average wages to rent); Spotsylvania County, Va. (75.5%); Honolulu County, Hawaii (71.9%); Sonoma County, Calif. (67.6%); and Kings County, N.Y. (67.4%).
But rentals are still often a better deal in highly populated areas. “Although buying is still more affordable than renting in the majority of U.S. housing markets, that majority is shrinking as home price appreciation continues to outpace rental growth in most areas,” says Daren Blomquist, vice president at ATTOM Data Solutions. “Renting has clearly become the lesser of two housing affordability evils in many major population centers, with renting more than affordable than buying in 76 percent of counties that have a population of 1 million or more.
And if you are thinking of Renting, does the rental property allow you to save your $? Compared to buying, paying the 1st mortgage payment builds equity which can help you down the road in time, for you are paying off the mortgage (over the time period you contract for) as appose to you just paying for a place to hang your hat. You have NO financial equity in the rental address.
All you need to do is sign in and see how much of a home you can afford.
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