Is it better to buy or rent? That’s an age-old question that really depends on a lot of variables – especially an individual’s station in life. In their recent 2020 Rental Affordability Report, ATTOM Data crunched the numbers to show that owning a median-priced, three-bedroom home is more affordable than renting a three-bedroom property in 455 (53%) of 855 U.S. counties analyzed for their report. Specifically, they looked at recently released fair market rent data for 2020 from HUD, wage data from the Bureau of Labor Statistics along with public record sales deed data from ATTOM Data Solutions in 855 counties that had sufficient home sales data. Be sure to click on the map below to make it interactive and then drill down into your area of investing interest.
“Home ownership is a better deal than renting for the average wage earner in a slim majority of U.S. housing markets. However, there are distinct differences between different places, depending on the size and location from core metro areas,” said Todd Teta, chief product officer with ATTOM Data Solutions.