Buying A Home VS Renting

Dated: June 15 2018

Views: 396

Image title

http://

According to ATTOM 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 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).


Daren Blomquist, Senior Vice President of ATTOM Data Solutions had 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 market rent rose faster than average weekly wages in 60% of the counties analyzed in the report (266 of 447 counties). With rents rising, many renters should consider buying a home soon.


Bottom Line

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.


Interested in Buying or Selling a Home/Investment Property? 

Please contact me anytime for a Free Market Value Analysis. 

http://christina.buyinginaustin.com/ 

  Download my app to search for properties by texting 'Christina' to 512-270-7326


 Christina Haverty 

 REALTOR®, GREEN, GRI, CNE 

 512 693 8604 office /512 632 3162 cell 

 http://christina.buyinginaustin.com/ 

 Turning Savvy, Informed Austin Area Urbanites into Successful Homeowners, Investors, Sellers and Leaser’s!

Blog author image

Christina Haverty

Turning Savvy, Informed Austin Area Urbanites into Successful Homeowners, Investors, Sellers and Leaser’s!....

Latest Blog Posts

Could Rising Home Prices Impact Your Net Worth

Learn how to determine your current net worth and how an investment in real estate can help improve your bottom line.Among its many impacts, COVID-19 has had a pronounced effect on the housing.

Read More

Finding A New Home For Your Next Stage Of Life

Imagine the first place you lived as a young adult. Now imagine trying to fit your life today into that space. Not pretty, right? For most of us, our housing needs are cyclical.1 A newly

Read More

Goodnight Bread Co In South Austin

I absolutely love to patronize small businesses.A few months ago my neighbors, Jennifer and Ryan, started a small business selling sourdough bread. I tried it and was sold!This bread is delicious!

Read More

Can I Buy Or Sell A Home Without A Real Estate Agent

Today’s real estate market is one of the fastest-moving in recent memory. With record-low inventory in many market segments, we’re seeing multiple offers—and sometimes even bidding wars—for

Read More