House Payment Less Than Rent In Most Markets

An analysis of data from the U.S. Department of Housing and Urban Development and the Bureau of Labor Statistics found that a monthly house payment – including mortgage, property taxes, and insurance – is more affordable than rent in 66 percent of the 540 counties included in the report. The 2017 Rental Affordability Report, released by ATTOM Data Solutions, shows that buying a house remains an affordable choice for Americans in most markets. Daren Blomquist, senior vice president of ATTOM, says that can change quickly, however. “While buying continues to be more affordable than renting in the majority of U.S. markets, that equation could change quickly if mortgage rates keep rising in 2017,” Blomquist said. “In that scenario, renters who have not yet made the leap to homeownership will find it even more difficult to make the leap this year.” Still, rent is rising faster than home prices in nearly 40 percent of U.S. housing markets, which could make the choice between buying and renting a close call even with higher mortgage rates. To gauge the affordability of renting versus buying, the report compared fair market rent on a three-bedroom property to the monthly house payment on a median-priced home in the 540 counties with more than 900 home sales. More here.

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