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Buying a Home More Affordable Than Renting

buying a home more affordable than renting

ATTOM Data Solutions is the nation’s largest multi-sourced property database. ATTOM puts out many reports including a 2018 Rental Affordability Report. In this report, it shows that in 240 out of 447 U.S. counties analyzed for the report, purchasing a median-priced home is more affordable than renting a three-bedroom home by 54 percent.

ATTOM’s analysis also incorporated data about fair market rent from HUD, wage data from the Bureau of Labor Statistics and public record sales deed data from ATTOM. Below is a map showing where across the U.S. it is more affordable to buy than rent. In South Carolina, you will see most of the counties highlighted are green. Counties featured are Anderson, Pickens, Greenville and Spartanburg.

In Greenville, the 2018 rental affordability is at 30.2% where last quarter 2017 home affordability was at 29.0%. Mortgage rates are still at record lows.

Right now, it is cheaper to buy, but home prices are still climbing and are outpacing rental growth in most areas. In 76 percent of counties that have a population of 1 million or more, renting is more affordable. But here we are talking about Los Angeles County in California or Cook County in Chicago for example. The closest county to South Carolina would be Miami or New York City

Some other stats from the ATTOM report that average fair market rents rose faster than average weekly wages in 266 of the 447 counties analyzed. And that median home prices rose faster than average fair market rents in 263 of the 447 counties but average fair market rents rose faster than that in 281 of 447 counties

So, what does this mean for you? If you can buy, then now would be the time to do it. Home values will continue to increase as the economy grows stronger and inventory stays low. Builders are gaining confidence but are still not in full on build mode yet. With the strengthening of the economy comes the FED’s efforts to fight inflation by raising interest rates. As we all know that has a trickled down effect into mortgage rates. So, contact me today so we can find you a home. Then you will be sitting pretty when values and rates go up. There is nothing like getting some quick equity.

And remember if you, a friend or family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.

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