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Buying A Home Is More Affordable Than Renting In 66 Percent Of US Counties
| According to ATTOM Data Solutions’ 2017 Rental Affordability Report, buying a home is more affordable than renting in 354 of the 540 U.S. counties they analyzed. 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: |
“While buying continues to be more affordable than renting in the majority of U.S. markets, that equation could change quickly if mortgage rates keep rising in 2017. In that scenario, renters who have not yet made the leap to homeownership will find it even more difficult to make that leap this year.”
Bottom LineRents 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.
Olga Telesin is a Colorado Realtor working with Exit Realty DTC. Whether you are buying or selling within the Denver Metro Area, please call me for expert advice and premier service in assisting you every step of the way! It is my priority to provide great customer service, consistent communication, strong attention to detail and ensure a positive experience for all parties in a transaction. I have nearly 7 years of experience in Real Estate Investing and can also assist buyers in looking for fix and flips and rental opportunities. To get an expert opinion and get a Free Home Valuation, call or text Olga today at 720-365-4651. Here's your FREE Access to Exit Realty DTC Search Engine!
My name is Olga Telesin and I am a Colorado Realtor helping buyers and sellers around the Denver Metro areas of Colorado, including Denver, Aurora, Parker, Centennial, Highlands Ranch, Castle Rock and....