Homeownership Typically More Affordable than Renting: Data

Originally published on Janaury 6, 2022 for ATTOM.

ATTOM, curator of the nation’s premier property database, today released its 2022 Rental Affordability Report, which shows that owning a median-priced home is more affordable than the average rent on a three-bedroom property in 666, or 58 percent, of the 1,154 U.S. counties analyzed for the report. That means major home ownership expenses consume a smaller portion of average local wages than renting.

Home ownership remains more affordable even though median home prices have increased more than average rents and more than averages wages in in 88 percent of the counties analyzed.

The analysis incorporated recently released fair-market rent data for 2022 from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics and public-record sales-deed data from ATTOM in 1,154 U.S. counties with sufficient single-family home sales data (see full methodology below).

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