11 Ways to Improve Your Credit ScoreApril 11, 2018 by Kali GeldisIf you find that you aren’t getting approved for credit cards or loans, or aren’t getting favorable rates for
Buying A Home Is More Affordable Than Renting In 54 Of US Counties
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 President of ATTOM 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 market rent rose faster than average weekly wages in 60% of the counties analyzed 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.
Latest Blog Posts
Goldman Sachs: Fed to raise rates once a quarter until 2019 Federal funds to hit 3.25% to 3.5% by end of next year April 9, 2018
American homes are more affordable than they've been in 40 years — but that could change sooner than you think. Tanza LoudenbackMar. 19, 2018, 10:49 AM Americans'
Eligibility for USDA Home LoansUSDA home loans offer 100% financing, low rates, and affordable payments. These loans are becoming more popular by the day, as buyers discover an easier way