According to ATTOM Data Solutions’ 2018 Rental Affordability Report, “buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 [or 54% of] U.S. counties analyzed for the report.”
For the report, ATTOM Data Solutions compared recently released fair market rent data from the Department of Housing and Urban Development with reported income amounts from the Department of Labor and Statistics to determine the percentage of income that a family would have to spend on their monthly housing cost (rent or mortgage payments).
Daren Blomquist, Senior Vice President of ATTOM Data Solutions had this to say:
However, the report also shows that the average fair market rent rose faster than average weekly wages in 60% of the countiesanalyzed in the report (266 of 447 counties). With rents rising, many renters should consider buying a home soon.
Rents will continue to rise, and mortgage interest rates are still at historic lows. Before you sign or renew your next lease, meet with a local professional who can help you determine if you are able to buy a home of your own and lock in your monthly housing expense.
Tag: Naperville Real Estate
How is the Naperville, IL Real Estate Market? Click play on the video below to see the market activity for December 2017.
Looking for homes in Naperville? Let us help. Here is a current list of properties for sale.
Thinking of buying or selling? We have been helping local buyers, sellers, investors and builders since 1978. Let us put our award-winning service and expertise to work for you. Sellers, receive 2X the property and buyer exposure as we are based in to regions/offices to help you. Clients receive a free home warranty at closing! Contact us today for details. (708) 529-5839.