Economy

10 housing markets where it's cheaper to own than rent

10 housing markets where it's cheaper to own than rent”

That's the crux of a report released Thursday by Attom Data Solutions, a company that closely tracks housing markets across the fruited plain.

The report adds fodder to the passionate discussion many prospective home buyers are having these days - as reported last week by the Star-Telegram - about whether buying a home in the Dallas-Fort Worth-Arlington market is a worthwhile investment.

Fort Worth is safe for now.

However, when data are broken down by population rather than the number of markets, they show that the majority of the USA population - 64 percent of us - live in markets that are more affordable for renters than for buyers.

From Pittsburgh to Cleveland, here's a look at the top 10 markets where buying is more affordable than renting. (San Antonio's Bexar County was in that group, too.) However, Fort Worth's neighbors didn't fare as well. Check out the heat map for more county-by-county details across the U.S.

"In Sacramento, if you're buying a median priced home, you're going to be spending 46 percent of your income, as an average wage earner, to buy a home", Blomquist said."So it's more affordable to rent than to buy there".

In markets where more than 1 million people live, 76 percent of counties have homes or apartments that are cheaper to rent.

Average fair market rents rose faster than median home prices in 41% of counties including Harris County in Houston, Maricopa County in Phoenix, Kings County in Brooklyn, Queens County in NY and Tarrant County in Dallas.

Buying a home is more affordable than renting in 54% of markets in the United States but 64% of the population live in locations where renting is more affordable, new research shows. Wednesday, January 3, 2018.

ATTOM Data Solutions' analysis is based on: fair market rent data from the U.S. Department of Housing and Urban Development; wage data from the Bureau of Labor Statistics; and median home prices.

Other markets with a population of more than a million where it is more affordable to rent than to buy a home included counties in Miami, New York City, Seattle, Las Vegas, San Jose, San Francisco and Boston.

Merced County is cheaper to rent a three-bedroom dwelling, where the average rent runs $1,217 per month, and 35.6 percent of wages goes toward that cost. The size of home focused on was a three-bedroom dwelling.



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