Renting More cost-effective Than Buying in Greater part of U.S. Housing Markets
Property database curator ATTOM Data Solutions?released its 2019 Rental Affordability Report, which signifies that renting a three-bedroom property is more cost-effective than choosing a median-priced home in 442 of 755 U.S. counties analyzed to your report – 59 percent.
The analysis incorporated recently released fair market rent data for 2019 from your U.S. Department of Housing and Urban Development, wage data from your Bls together with public record sales deed data from ATTOM Data Solutions in 755 U.S. counties with plenty home sales data (see full methodology below).
“With rental affordability outpacing home affordability inside largest part of U.S. housing markets, and residential prices rising faster than rental rates, the American imagine buying, may be only that – an ideal, “said Jennifer von Pohlmann, director of content and PR at ATTOM Data Solutions. “With home price appreciation increasing annually for an average of 6.7 percent in those counties analyzed due to this report and rental rates increasing typically 3.Five percent, in addition to the belief that home values are outpacing wages in 80 percent from the counties, renting a house is clearly becoming the greater attractive option in this particular volatile housing sector.”
Renting one is the most affordable than investing in a home in the nation’s 18 most populated counties plus 37 of 40 counties by using a population of just one million or over (93 percent) – including Are generally County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; and New york County, California.
Other markets with a population higher than One million where it’s cheaper to lease rather than purchase a home included counties in Miami, Nyc, Seattle, Vegas, San Jose, San Francisco and Boston
Among the 40 U.S. counties analyzed inside report which has a population 1 million or more, the 3 where it is cheaper to buy your dream house than rent were Wayne County (Detroit), Michigan; Philadelphia County, Pennsylvania; and Cuyahoga County (Cleveland), Ohio.
The report implies that renting a three-bedroom property requires about 38.0 percent of weekly wages round the 755 counties analyzed for your report.
The least affordable markets for renting are Santa Cruz County, California (81.7 percent of average wages to book); Honolulu County, Hawaii (74.4 %); Spotsylvania County, Virginia (73.0 percent); Maui County, Hawaii (69.Five percent); San Benito County, California (68.6 %); Monroe County, Florida (67.Three percent); Sonoma County (Santa Rosa area), California (66.0 percent); Marin County (Bay area area), California (65.6 %); and Kings County, New York (63.7 percent).
The most affordable markets for renting are Roane County (Knoxville area), Tennessee (19.7 percent of average wages to lease); Peoria County, Illinois (23.8 percent); Mcminn County (Athens), Tennessee (23.8 percent); Green County (Dayton), Ohio (24.2 percent); and Rhea County (Dayton area), Ohio (24.6 %).
Among counties having a population of a million or maybe more, those most economical for renting are Allegheny County (Pittsburgh), Pennsylvania (25.1 %); Cuyahoga County (Cleveland), Ohio (25.6 %); St. Louis County, Missouri (26.Four percent); Oakland County (Detroit area), Michigan (26.7 percent); and Wayne County (Detroit), Michigan (27.7 percent).
Average fair market rents rose faster than average weekly wages in 394 of the 755 counties analyzed during the report (52 percent), including Chicago County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; and New york County, California.
Average weekly wages rose faster than average fair market rents in 361 in the 755 counties analyzed from the report (48 percent), including Kings County (Brooklyn), Los angeles; Queens County, New York; Clark County (Las vegas, nevada), Nevada; Tarrant County (Dallas-Fort Worth), Texas; Santa Clara (San Jose), California; Broward County (Miami), Florida; and Alameda (S . f .), California.
Median ideals rose faster than average weekly wages in 601 on the 755 counties analyzed inside report (80 %), including California County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; North park County, California; Oc, California; and Miami-Dade County, Florida.
Average weekly wages rose faster than median home in 154 with the 755 counties analyzed inside the report (20 percent), including Kings County (Brooklyn), Los angeles; Queens County, Nyc; King County (Seattle), Washington; Suffolk County, New York; and Bronx County, New york city.
Median home rose faster than average fair market rents in 531 from the 755 counties analyzed while in the report, including Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; Kings County (Brooklyn), New york city; Queens County, New york city; and Riverside County, California.
Average fair market rents rose faster than median home prices in 224 on the 755 counties analyzed in the report (30 percent), including Chicago County, California; San Diego County, California; Oc, California; Miami-Dade County, Florida; Dallas County, Texas; and Kings County (Seattle), Washington.
For this report, ATTOM Data Solutions considered 50th percentile average rental data for three-bedroom properties in 2019 in the U.S. Department of Housing and Urban Development, coupled with Q2 2019 average weekly wage data on the Bls (most recent available) and January-November (YTD) 2019 home price data from ATTOM Data Solutions publicly recorded sales deed data in 755 counties nationwide.
Rental affordability is average fair market rent for that three-bedroom property like a area of the common monthly wage (based on average weekly wages). Real estate affordability could be the monthly house payment for the median-priced home (using a 3 percent downpayment and including mortgage, property tax, homeowner’s insurance and also mortgage insurance) as a amount of the normal monthly wage.
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