According toATTOM 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 Solutionscompared recently released fair market rent data from theDepartment of Housing and Urban Developmentwith reported income amounts from theDepartment of Labor and Statisticsto 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 PresidentofATTOM Data Solutionshad 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 marketrent rose faster than average weekly wages in 60% of the countiesanalyzed 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, 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.
Author:Bree Sweet Phone: 541-743-5535 Dated: January 22nd 2018 Views: 22 About Bree: ...
View our latest blog posts in your RSS reader. Click here to access.
Getting Pre-Approved Should Always Be Your First Step
"I unfortunately have put myself in a situation where I need to short sell my home. Blair Humes has been very active and responsive in making the process as smooth as possible. Never once has he made me feel bad about myself/ashamed for getting myself into this situation. He has only been supportive. I highly recommend giving Blair a call if you are in need of a Realtor."