Numbers don’t lie. The results show that homeownership remains cheaper than renting with a traditional 30-year fixed-rate mortgage.
In 53 percent of the country’s housing markets, you’re better off buying than renting, according to ATTOM Data Solutions’ 2020 Rental Affordability Report, newly released. ATTOM compared 855 counties and assumed a median-priced, three-bedroom home and a median-priced, three-bedroom rental. The analysis incorporated recently released fair market rent data for 2020 from the U.S. Department of Housing and Urban Development as well as wage data from the Bureau of Labor Statistics. In 66.3 percent of counties, the growth in home prices surpassed wages, the report shows. In 57 percent of counties, earnings growth outpaced rents.
See the interactive graph Here and the data Here.
Other interesting findings in the report include:
- Generally Renting is more affordable than buying in nation’s most populated counties ( Philly is Golden for buying)
- Wage growth outpacing rent growth in 57 percent of markets
Bottom Line
Buying a home makes sense. If you are a renter now may the time to learn and look into buying your own dream home. Start browsing Cheap Homes for sale in New Jersey and Meet one of our local real estate professionals who can help you find your dream home. (GOTTRE Obviously!)
Schedule a FREE professional assessment of your home. CLICK HERE.
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