Buying a Home Is Cheaper Than Renting

Buying

Buying a Home Is Cheaper Than Renting in the Majority of the US

Are you tired of renting? Click here to schedule a no obligation consultation that could lead to your first home purchase.

The results of the 2018 Rental Affordability Report from ATTOM 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 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. What is holding you back? If you are one of the many renters out there who would like to evaluate your ability to buy this year, let’s get together to find your dream home. Contact me today 301-367-7877 to get started.

Find out if home ownership is right for you. Click here to schedule a no obligation consultation that could lead to your first home purchase.

-Article from Keeping Current Matters