Owning a median-priced home is more affordable than the average rent on a three-bedroom property in 58% of the U.S., according to a new report.
Owning a median-priced home is more affordable than the average rent on a three-bedroom property in 58% of the U.S., a new report says.: Renting makes more sense in big metropolitan areas, while homeownership wins out in rural areas and suburbs, where property prices are lower.Even with home prices continuing to climb, the affordability gap is narrowing, which may signal the imminent end to what's been a steady run-up in home prices.
The most affordable homeownership markets are in the South and Midwest, and the least are in the West and Northeast. The results were similar to 2021, with "the benefits of rising wages and super-low mortgage rates counteract[ing] the effects of home prices spiking," ATTOM said.And homeownership remains elusive for average workers: In about half the country, buying a house would consume at least a third of their paycheck — more than mortgage lenders like to see.
California and Florida were the states where the average monthly home payment was lower than the average rent. But "the gap between monthly rent and ownership costs can be lower than $50 in some states, so buying a house can sometimes make more financial sense."Everyone's situation is different, market conditions change all the time, and all real estate is local, so studies like these are more of an interesting reference point than a buyer's guide.
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