Buying’s More Affordable Than Renting in Most Markets

Blomquist notes that home price appreciation continues to outpace rental growth in most markets.

IRVINE, CA—Is owning a home more affordable than renting one? The answer is not so cut and dried, according to ATTOM Data Solutions’ analysis. In 240 of the 447 US counties with sufficient home sales data—or 54% of these counties—buying a median-priced home is more affordable than renting a three-bedroom property.

On that basis, then, it’s cheaper to buy than to rent. However, renting is more affordable than buying in the nation’s 14 most populated counties, and in 30 of 39 counties with a population of one million or more. These markets include Los Angeles and San Diego counties in California, Cook County (Chicago) in Illinois, Harris County (Houston) in Texas and Maricopa (Phoenix) County in Arizona.