Buying A Home Cheaper Than Renting In Majority Of US

Dated: 04/23/2018

Views: 278

Great news for first-time New Jersey home buyers! 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.

Stop wasting your hard-earned money on rent!



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’re one of the many renters out there who'd like to evaluate your ability to buy this year, let’s get together to find your dream home! Contact Team Nest Builder’s Lynn Garafola at 973-222-3777 today.

Check out our blog for loads of helpful information on real estate, home improvement and community events!

Source:  KeepingCurrentMatters.com



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