The results of the 2018 Rental Affordability Report from ATTOM show that buying a median-priced home is more affordable than renting a three-bedroom property in 54% of U.S. counties analyzed for the report.
The updated numbers show that renting a three-bedroom property in the United States requires an average of 38.8% of income.
The least affordable market for renting was Marin County, CA, just over the Golden Gate Bridge from San Francisco, where renters spend a staggering 79.5% of average wages on rent, while the most affordable market was Madison County, AL where 22.3% of average wages went to rent.
Other interesting findings in the report include:
Bottom Line: Buying a home makes sense socially and financially. If you are one of the many renters out there who would like to evaluate your ability to buy this year, let’s get together to find your dream home.
Buying a home may be more affordable then you think! Many potential first-time home buyers believe that they have to have a perfect credit score and a 15-20% down payment. Did you know,
If you would like to evaluate your ability to buy this year, let’s get together to find your dream home!
Katie Tedesco is a FULL-TIME REALTOR® with Watson Realty Corp.