The results of the2018 Rental Affordability ReportfromATTOM 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 staggering79.5% of average wageson rent, while the most affordable market was Madison County, AL where22.3% of average wageswent to rent.
Other interesting findings in the report include:
Average rent rose faster than income in 60% of counties
Average rent rose faster than median home prices in 41% of counties
While median home prices rose faster than average rents in 58% of counties
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, meet with a local real estate professional who can help you find your dream home.
Author:Sandy Horne Phone: 702-327-4070 Dated: April 23rd 2018 Views: 63 About Sandy: ...
View our latest blog posts in your RSS reader. Click here to access.
One Nevada Realty Services, LLC is a full-service real estate company providing a wide range of benefits and services on your real estate transactions. Use one of our approved real estate agents and you will save time and money when buying or selling real estate. For buyers, our helpful online tools will allow you to search for a home through the MLS system, view area demographics, schools and crime statistics. For sellers, our helpful online tools allow you to find out what your home is worth and get tips on preparing your home for sale. Whether you are buying or selling a home, select one of our knowledgeable Realtors® and receive a quality representation for your transaction.