US homeownership has been on the decline since the GreatRecession for many reasons including new lifestyle preferences andincreasingly, affordability. A new report by ATTOM Data Solutionhighlights the latter, making it ever more clear that we are indeedbecoming a renter nation. It has found that renting a three-bedroomproperty is more affordable than buying a median-priced home in 442of 755, or 59%, of US counties analyzed, according to itsnewly-released 2019 Rental Affordability Report.
Jennifer von Pohlmann, director of content and PR at ATTOM DataSolutions, explains the reason why: “With home price appreciationincreasing annually at an average of 6.7% in those countiesanalyzed for this report and rental rates increasing an average of3.5%, coupled with the fact that home prices are outpacing wages in80% of the counties, renting a home is clearly becoming the moreattractive option in this volatile housing market.”
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
