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    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.
    Source: Keeping Current Matters 04232018

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