It’s More Affordable To Buy Than Rent In 58 Percent Of U.S. Housing Markets
Like Pepsi vs. Coke, the debate about renting vs. buying never ends. But RealtyTrac’s just-released 2016 Rental Affordability Analysis could help simplify the issue.
According to the analysis, buying is more affordable than renting in 58 percent of U.S. housing markets. This information comes despite the fact that home price appreciation is outpacing rent growth in 55 percent of markets. In addition, the rise in rents is outpacing weekly wage growth in 57 percent of markets.
Rents on three-bedroom properties are expected to increase an average of 3.5 percent in 2016 compared with 2015 for the 504 counties analyzed.