Home Ownership Is More Affordable Than Renting, ATTOM Reports
Summary
“Home ownership still remains the more affordable option for average workers in a majority of the country because it still takes up a smaller portion of their pay,” Teta continued. Some of the nation’s most populous counties are showing some semblance of normalcy, where renting is more affordable for average wage earners than buying a home. Other counties with populations more than 1 million where its more affordable to rent than buy a home include locations in Dallas, Miami, New York City, San Francisco, Washington, D.C., and Riverside, CA, metropolitan areas. According to a Zumper Housing Cost report, rent either stayed flat or rose modestly in less dense suburban areas at the beginning of the pandemic when home prices were rising dramatically. Additionally, broad adoption of work-from-home policies and fear over the virus led to a minor outflow of populations from areas that froze rents.