Purchasing Trumps Renting in 66% of Markets
Making monthly house payments on a three-room property is more affordable than paying fair market rent on a three-bedroom property in 188 of the 285 counties analyzed , according to a new analysis released by RealtyTrac.
In the examination, researchers compared the percentage of median household income in each county that would be needed to pay the fair market rent on a three-bedroom property to the percentage of median household income that would be needed to make monthly house payments – including mortgage, insurance, and property taxes – on an average-priced three-bedroom property
The average percentage of median household income needed to rent was 29.96 percent over each of the 285 regions investigated. The normal rate of middle family unit salary expected to purchase was 29 percent.
The report likewise noticed that 13 districts that were discovered to be more reasonable to renters in 2014 moved to the "more moderate to purchase" class in 2015. Those regions included Snohomish County, Wash. (Seattle metro region); Berks County, Penn. (Perusing metro zone); Hamilton County, Ind. (Indianapolis metro zone); Thurston County, Wash. (Olympia metro territory); Warren County, Ohio (Cincinnati ran