Are we in a period where it makes more sense for people to rent or buy a place to live? Of course there are a lot of moving parts to that question but the bottom-line, according to ATTOM Data’s 2019 Rental Affordability Report, is that renting a three-bedroom property is more affordable than buying a median-priced home in 442 (59%) of 755 counties analyzed for their report. To get those results, they sifted through fair market data from HUD, wage data from the Bureau of Labor Statistics, and home sales data from their own databases. In addition ATTOM found that Renting is more affordable than buying in 18 of the most populated counties and in 37 of 40 counties with a population of 1 million or more (93%).
“With rental affordability outpacing home affordability in the majority of U.S. housing markets, and home prices rising faster than rental rates, the American dream of owning a home, may be just that — a dream,” said Jennifer von Pohlmann, director of content and PR at ATTOM Data Solutions.