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Jan Bigelow: 928.300.1699
Wally Reule: 928.301.5943
· Buying can be more affordable than renting
· Renting a 3-bedroom property requires an average of 38.8% of income
· Rental rates are impacted by short-term vacation rentals
A recent report from Attom Data Solutions, a company that provides analytics-ready property data, shows that buying a median-priced home is more affordable than renting a three-bedroom property in 54% of U.S. counties analyzed for the report. The data also show that renting a three-bedroom property in the United States requires an average of 38.8% of income.
Other interesting findings in the report include:
-Average rent rose faster than income in 60% of counties
-Average rent rose faster than median home prices in 41% of counties
-Median home prices rose faster than average rents in 58% of counties
According to ATTOM Data Solutions, renting has become the lesser of two housing affordability evils in many population centers. And 64% of the U.S. population live in markets that are more affordable to rent than to buy.
So how does that look locally? If you’re one of the hundreds of people trying to find affordable rent in the Verde Valley, you know that rents have skyrocketed for a variety of reasons; a chief complain is that AirBnB and other short-term vacation rentals have impacted affordable housing. The lack of properties available to rent have driven rental prices skyward, making it even more appealing to take the leap and purchase instead.
Buying a home makes sense financially. If you are one of the many renters out there who would like to evaluate your ability to buy this year, contact Jan or Wally to find your dream home.
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