The results of the 2018 Rental Affordability Report from ATTOM Data Solutions show that buying a mid-range home is more affordable than renting a 3 bedroom property in 54% of U.S. counties surveyed by the report.

On average, renters spend 38.8% of their monthly income on rent for their 3-bedroom home.

The place where renters were spending the most of their monthly income on rent was Marian County, California - by San Francisco, just over the Golden Gate Bridge. Here they are spending 79.5% of their average wages.

The most affordable area was Madison County, Alabama where renters spend only 22.3% of their average wages on rent.

Other interesting findings in the report include:

  • Rents go up faster than income in 60% of U.S. counties
  • Average rent rose faster than median home prices in 41% of counties
  • While median home prices rose faster than average rents in 58% of counties

Bottom Line

Buying a home is the smart choice financially and socially. If you are currently a renters out there who would like to evaluate your ability to purchase this year, let’s get together to find your dream home. We have many lenders who can show you how to purchase a home for little money down, sometimes for the price of a security deposit.