The Rent vs. Buy Gap is Narrowing

Credit: Independent Newsmedia

New numbers from property data provider Attom Data Solutions LLC shows that while it is still generally more affordable to own a home versus renting, that gap may be narrowing.

Relying on data from the U.S. Department of Housing, the Bureau of Labor Statistics and sales-deed data, Attom looked at the costs of owning a median-priced home or renting a three-bedroom apartment in 1,154 counties across the county. While home prices are rising in 90% of U.S. markets, it is still more affordable to own a home in 58% (666) of the counties examined.

That gap may be narrowing, since median home prices have increased more quickly than average rents and wages in 88% of the counties.

Attom’s research showed average wage earners are better off renting than buying in 21 of the 25 most-populated counties, including Maricopa County. (Source)

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