Renting Generally More Affordable than Buying, According to New Report 

Originally published by Christine Stricker on January 20, 2023 for ATTOM.

According to ATTOM’s just released 2023 Rental Affordability Report, the average three-bedroom rent is more affordable than owning a comparably sized median-priced home in 95 percent of U.S. counties analyzed.

The report also shows that both renting and owning a three-bedroom home are significant financial burdens for households around the U.S., consuming more than one-third of average wages in most major housing markets. However, the report notes that average rents still require a significantly smaller portion of wages than major home-ownership expenses on three-bedroom properties.

ATTOM’s 2023 rental affordability analysis found that average rents for three-bedroom homes are increasing more than median prices for single-family homes in 46 percent of the counties analyzed. Counties were included in the analysis if they had a population of 100,000 or more, at least 100 sales from January through November of 2022, and sufficient data.

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