A lot of people believe buying a home is the American Dream, and while some love renting, a new report suggests, depending on where you live, it really may be the right time to make that home purchase.
- ATTOM Data Solutions’ 2022 Rental Affordability Report finds that it’s more affordable to own a three-bedroom property than to rent in 666 out of 1.154 U.S. counties, or 58% of the country.
- And this is despite median home prices going up more than average rent in 88% of those counties.
- Owning a home still isn't that affordable in populated areas, with renting more affordable than buying in 21 of the nation's 25 most populated counties and in 35 of 42 counties with populations over one million.
- Owning a home is more affordable in 63% of the 91 counties with between 500,000 to 999,999 people.
- Of the counties with less than 500,000 people, owning is more affordable in 61% of the counties.
- The most affordable markets for renting are mostly in the South and Midwest.
- The 10 least affordable counties for renting are all in the West, led by Santa Cruz County, California, where 84.2% of average local wages are needed to rent.
- The least-affordable area for renting among counties with a population of at least 1 million is Brooklyn, New York, where you need 62% of average local wages to afford rent.
- In general, the South and Midwest again have most-affordable home ownership markets while least affordable are in West and Northeast.