The results of the
2018 Rental Affordability Report from
ATTOM show that buying a median-priced home is cheaper 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:
- 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
Bottom Line
Buying a home makes sense socially and financially and is cheaper than renting in most of Nassau and Suffolk Counties. If you are one of the many renters who would like to evaluate your ability to buy this year, let’s get together to find your dream home.