In their most recent Rent Affordability Report, ATTOM Data Solutions reported that buying a median-priced home is more affordable than renting a three-bedroom property in 240 (54%) of the 447 U.S. counties analyzed. Interestingly, in 2017, this number was 66%. The report looked at 50th percentile average rental data for three-bedroom properties in 2018 from HUD, along with Q2 2017 average weekly wage data from the Bureau of Labor Statistics (most recent available) and Q4 2017 home price data from ATTOM Data Solutions publicly recorded sales deed data in 540 counties nationwide.
“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,” said Daren Blomquist, vice president at ATTOM Data Solutions.
Click here to read the full report on ATTOM Data Solutions.
