Buying A House Cheaper Than Rent In 76% Of Markets

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If you’re thinking about moving but can’t decide whether to rent or buy your next home, RealtyTrac has released some new data that may help you make your decision. That’s because a recent analysis of 461 counties across the country has found that buying a home is cheaper than renting in 76 percent of those housing markets. “From a pure affordability standpoint, renters who have saved enough to make a 10 percent down payment are better off buying in the majority of markets across the country,” Daren Blomquist, vice president at RealtyTrac, said. “But factors other than affordability are keeping many renters from becoming buyers, a reality that means real estate investors buying residential properties as rentals still have the opportunity to make strong returns in many markets.” Still, the numbers show that the monthly house payment on a median-priced home is more affordable than the monthly fair market rent on a three-bedroom property in most U.S. counties. That’s good news for prospective buyers looking to make a move this spring. Among the most affordable markets, many were located in the Midwest and Northeast, including counties in Michigan, Ohio, and Pennsylvania. Other regions where conditions favor buying included areas in Texas, Georgia, California, and Maryland. More here.

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