Where it's Better to Buy Instead of Rent in 2020
*Posted on January 22, 2020 – 4:14 pm by Suzanne De Vita on RISMedia’s housecall
Where It’s Better to Buy Instead of
Rent in 2020
It’s a crucial question, especially for first-time homebuyers: Should I buy a home, or rent one?
As is the case in real estate, it comes down to location.
In 53 percent of the country’s housing markets, you’re better off buying than renting, according to ATTOM Data Solutions’ 2020 Rental Affordability Report, newly released. For the report, ATTOM compared 855 counties, and assumed a median-priced, three-bedroom home and a median-priced, three-bedroom rental, based on government statistics. In 66.3 percent of counties, the growth in home prices surpassed wages, the report shows. In 57 percent of counties, earnings growth outpaced rents.
Of course, despite the overall trend, there’s nuances and patters. Generally speaking, in dense metropolitan regions, it’s cheaper to rent. If an area’s less populated, it’s better to buy.
Click here for an interactive map of the United States and where’s it’s better to buy than rent.
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