According to ATTOM Data Solutions’ 2017 Rental Affordability Report, buying a home is more affordable than renting in 66% of U.S. housing markets. However, rising interest rates may soon change that percentage, warned the report.
Markets more affordable to buy than to rent
The report found making monthly house payments on a median-priced home — including mortgage, property taxes and insurance — is more affordable than the fair market rent on a three-bedroom property in 354 of the 540 counties analyzed in the report (66%).
Among the nation’s most populous counties, those where it is more affordable to buy than to rent are:
- Cook County (Chicago), Illinois;
- Maricopa County (Phoenix), Arizona;
- Miami-Dade County, Florida;
- San Bernardino County, California in inland Southern California;
- Clark County (Las Vegas), Nevada;
- Tarrant County, Texas in the Dallas metro area;
- Wayne County (Detroit), Michigan;
- Broward County, Florida in the Miami metro area;
- Bexar County (San Antonio), Texas; and
- Philadelphia County, Pennsylvania.
Markets more affordable to rent than to buy
Renting is more affordable than buying a home in 186 of the 540 counties analyzed for the report (34%), including:
- Los Angeles County, California;
- Harris County (Houston), Texas;
- San Diego County, California;
- Orange County, California;
- Kings County (Brooklyn), New York;
- Dallas County, Texas; Queens County, New York;
- Riverside County, California in the inland area of Southern California;
- King County (Seattle), Washington; and
- Santa Clara County (San Jose), California.