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Buying A Home Is Actually Cheaper Than Renting

Dated: 05/19/2018

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Buying A Home Is Cheaper Than Renting In The Majority Of The US

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


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. 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.

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Brittany Eneix

Although I was raised in Northeast Ohio I have lived on the coast for over 9 years. I am a military spouse who has moved from one side of the country to the other and back so I am extremely familiar w....

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