According to ATTOM Data Solutions’ 2018 Rental Affordability Report, “buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 [or 54% of] U.S. counties analyzed for the report.”
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).
Daren Blomquist, Senior Vice PresidentofATTOM Data Solutions had this to say:
“Although buying is still more affordable than renting in the majority of U.S. housing markets, the majority is shrinking as home price appreciation continues to outpace rental growth in most areas.”
However, the report also shows that the average fair marketrent rose faster than average weekly wages in 60% of the countiesanalyzed in the report (266 of 447 counties). With rents rising, many renters should consider buying a home soon.
Rents will continue to rise, and mortgage interest rates are still at historic lows. Before you sign or renew your next lease, let’s get together to help you determine if you are able to buy a home of your own and lock in your monthly housing expense.
Author:Frank Provencal Phone: 207-710-9493 Dated: January 22nd 2018 Views: 19 About Frank: Frank Provencal has over 20 years of combined public service with the Maine Department of Correction...
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"Janet and I would like to take this time and really appreciated the hard work David Marshall put into getting our former home in Portland, ME at 127 Fenway Street on the market. He worked extremely hard to get the home sold for us. Dave is very knowledgeble and comes across as a straight shooter and we are thankful for his honesty. He is very hard worker and makes sure all of the T's are crossed and the I's are dotted. He kept us updated on the process and timelines we had to make and paperwork that needed to be completed in a timely fashion. Not only have we found a Realtor® we would count on again, but a friend as well. He is one of a kind. Thank you Dave for a great job well done."