Buying a home is a rite of passage for many people, the culmination of years of hard work. Home ownership has been promoted by both political parties as the American dream.
But as it turns out, owning isn’t always the best decision anymore.
Indeed, renting a home is more affordable than buying in 59% of U.S. housing markets, according to ATTOM Data Solutions. The firm’s latest research — 2019 Rental Affordability Report — shows that renting a three-bedroom property is actually more affordable than buying a median-priced home in 442 of 755 U.S. counties analyzed for the report.
“With rental affordability outpacing home affordability in the majority of U.S. housing markets, and home prices rising faster than rental rates, the American dream of owning a home may be just that — a dream,” Jennifer von Pohlmann, director of content and PR at ATTOM Data Solutions, says in a statement. “With home price appreciation increasing annually at an average of 6.7% in those counties analyzed for this report and rental rates increasing an average of 3.5%, coupled with the fact that home prices are outpacing wages in 80% of the counties, renting a home is clearly becoming the more attractive option in this volatile housing market.”
Scroll through the following list and see some of the counties where it is more cost efficient to rent rather than own. ATTOM did not rank the counties in it’s report. This list is a sampling of the counties in the report.