Buying A Sussex County Home For Sale CHEAPER Than Renting Says New Report

Dated: 01/30/2017

Views: 295

According to ATTOM Data Solutions’ 2017 Rental Affordability Report, buying a home for sale is more affordable than renting a home in 354 of the 540 U.S. counties they analyzed. (Results showed Sussex County, New Jersey as one such county.)


Image title



The report found that “making monthly house payments on a median-priced home — including mortgage, property taxes and insurance — is more affordable than the fair market rent on a three-bedroom property in 354 of the 540 counties analyzed in the report (66 percent).”


For the report, ATTOM Data Solutions compared recently released fair market rent data from the Department of Housing and Urban Development with reported income amounts from the Department of Labor and Statistics to determine the percentage of income that a family would have to spend on their monthly housing cost (rent or mortgage payments).


Rents have been surging faster than home prices in about 37% of the markets measured. Daren Blomquist, Senior Vice President of ATTOM Data Solutions warns that rising interest rates could be the tipping point of affordability:



“While buying continues to be more affordable than renting in the majority of U.S. markets, that equation could change quickly if mortgage rates keep rising in 2017. In that scenario, renters who have not yet made the leap to homeownership will find it even more difficult to make that leap this year.”



Bottom Line

Rents will continue to rise and mortgage interest rates are still at historic lows. Before you sign or renew your next lease, meet with a local professional who can help you determine if you are able to buy a home of your own and lock in your monthly housing expense.



Latest Blog Posts

OPEN HOUSE SUNDAY Spacious 5BR Sparta Woodlands Home With HUGE Backyard

341 West Mountain Road offers a light-and-space filled respite set in the beautiful Sparta woodlands. Come see for yourself at our OPEN HOUSE Sunday, June 24th from 1pm-3pm!Quiet and private, this

Read More

5 Home Related To Dos Before Leaving On Vacation

With school out and the summer sun shining down, thoughts turn to summer vacation trips.  Team Nest Builder offers these 5 home-related tips to follow to avoid everything from minor

Read More

COMING SOON Spacious Private 5BR Sparta Home

341 West Mountain Road offers a light-and-space filled respite set in the beautiful Sparta woodlands.Quiet and private, this 5BR, 2.5 Bathroom home features a home office, a family room with a

Read More

Why Buying A Home Is Better Than Renting

People often ask if now is a good time to buy a home in New Jersey, but nobody ever asks whether or not it’s a good time to rent. Regardless, Team Nest Builder wants to make certain that everyone

Read More