Is Buying Cheaper Than Renting in Most Cities?
Have you been thinking about purchasing your first home this year? According to ATTOM 2022 Rental Affordability Report, purchasing a home is cheaper than renting in 58% of U.S. counties. The report stated that the costs of homeownership consume a smaller portion of the average local income than renting a three-bedroom property in 666 of the 1,154 U.S. counties that were analyzed.
Todd Teta, chief product officer with ATTOM, said that “Home-prices are rising faster than both rents and wages while wages rise faster than rents. And the housing market boom of the past decade keeps pushing home values to new records. Yet home ownership still remains the more affordable option for average workers in a majority of the country because it still takes up a smaller portion of their pay.”
Even after a year where home prices increased nationwide, homeownership remains an affordable option in many places. Can I help you determine what you can afford? Call me today to discuss your options.
To learn more about this report, click here.