BY BRAD BECKETT ON JANUARY 31, 2023
According to ATTOM data, the average three-bedroom rent is more affordable than owning a comparably sized median-priced home in 95% of U.S. counties analyzed in their 2023 Rental Affordability Report. Click here to read more.
In addition, the report says that average rents for three-bedroom homes are increasing more than median prices for single-family homes in 46% of the analyzed counties. Indeed…
What a difference a year makes…Last year our study concluded that it was more affordable to own than to rent in 60 percent of the markets analyzed. But with mortgage rates doubling, monthly payments for new homeowners rose by 45-50 percent compared to a year ago, even though home price appreciation has slowed down dramatically. This has made renting more affordable in the majority of markets, despite rental rates continuing to rise over the past year.” Said Rick Sharga, executive vice president of market intelligence for ATTOM.