The numbers don’t lie. Despite the rate increase and a few changes that are sure to occur this year with a new administration, the latest stats speak for themselves. Those stats say that buying a home is still a smarter decision than renting in 66 percent of the U.S. housing markets, according to ATTOM Data Solutions’ 2017 Rental Affordability Report.
The report noted that monthly housing payments on a median-priced home, which includes the mortgage, property taxes and insurance, is still more affordable than paying fair-market rent on a three-bedroom property in 354 of the 540 counties (66 percent) ATTOM analyzed. This analysis was based on recently released fair-market rent data for 2017 from HUD, wage data from the Bureau of Labor Statistics and public record sales deed data from RealtyTrac across 540 counties that had at least 900 home sales in 2016.
Some of the counties topping the homebuying affordability index include: Cook County (Chicago), Maricopa County (Phoenix), Miami-Dade County, San Bernardino County in the Inland Empire region of Southern California, Clark County (Las Vegas),Tarrant County in the Dallas metro area, Wayne County (Detroit), Broward County in the Miami metro area, Bexar County (San Antonio) and Philadelphia County.
What I love about this list is that it includes a diverse mix of cities and socioeconomic classes. From the coasts of Miami to the secondary and nearly fully recovered market of Las Vegas, it makes sense to buy across the U.S.