February 2nd, 2017
Buying a Home is More Affordable Than Renting in 66% of US Counties
Buying a home is more affordable than renting in 354 of the 540 U.S. counties they analyzed.
(According to ATTOM Data Solutions’ 2017 Rental Affordability Report)
The report found that “making monthly house payments on a median-priced home — including mortgage, property taxes and insurance — is more affordable than the fair market rent on a three-bedroom property in 354 of the 540 counties analyzed in the report (66 percent).”
For the report, ATTOM Data Solutions compared recently released fair market rent data from the Department of Housing and Urban Development with reported income amounts from the Department of Labor and Statistics to determine the percentage of income that a family would have to spend on their monthly housing cost (rent or mortgage payments).
Rents have been surging faster than home prices in about 37% of the markets measured. Daren Blomquist, Senior Vice President of ATTOM Data Solutions warns that rising interest rates could be the tipping point of affordability.
Rents will continue to rise and mortgage interest rates are still at historic lows. Before you sign or renew your next lease, meet with a local professional who can help you determine if you are able to buy a home of your own and lock in your monthly housing expense.
Written by Brick McDermott
Cunningham & Company Mortgage Bankers
For more information, check out the source of this article on Real Estate with Brick McDermott: http://www.simplifyingthemarket.com/en/2017/01/25/buying-a-home-is-more-affordable-than-renting-in-66-of-us-counties/?a=266343-20bc66cddd50b698f50bc535e26b366b