Thu, 07 January 2021 | housing interest rates
Owning a median-priced three-bedroom home is more affordable than renting a three-bedroom property in 572, or 63 percent of the 915 U.S. counties according to the new 2021 Rental Affordability Report from ATTOM Data Solutions. That has happened even though median home prices have increased more than average rents over the past year in 83 percent of those counties and have risen more than wages in almost two-thirds of the nation.
Home ownership is more affordable in almost two-thirds of the country following a year when the impact of declining interest rates helped counteract home prices that rose faster than rents and wages. Trends favoring home ownership show up most in suburban and rural areas with the most affordable home values, while renting remains more affordable in the biggest cities. Home ownership is more affordable than renting in counties with a population of less than 1 million, especially among those with less than 500,000 people. Owning is more affordable in 47, or 50 percent, of the 94 counties with 500,000 to 999,999 people. The largest in this group where it is more affordable to buy are St. Louis County, MO; Pinellas County (Tampa), FL; Milwaukee County, WI; Marion County (Indianapolis), IN and Shelby County (Memphis), TN. The largest in this group where it is more affordable to rent are Honolulu County, HI; Fresno County, CA; Westchester County, NY (outside New York City); Collin County, TX (outside Dallas) and Fairfield County (outside New York City), CT. Among the remaining 779 counties with a population less than 500,000, owning is more affordable in 510, or 65 percent. The largest in this group where owning is more affordable are Greenville County, SC; Adams County, CO (outside Denver); Lake County (Gary), IN; Hampden County (Springfield), MA and Clark County, WA (outside Portland, OR). The largest counties where renting is more affordable are Spokane County, (WA); Morris County, NJ (outside New York City); Polk County (Des Moines), IA; Richmond County (Staten Island), NY and Tulare County (Visalia), CA. Source: ATTOM Data Solutions