"Affordable housing" is becoming almost an oxymoron for many American households, whether they seek to rent or buy. The cost of renting or buying a three-bedroom home gobbles up more than one-third of wages in most county-level housing markets, and in some cases much more, ATTOM's 2024 Rental Affordability Report reveals.

In general, however, renting remains less expensive and consumes a smaller portion of average wages than owning in 274 (88%) of the 338 U.S. counties analyzed, the report found.

Both rent and housing costs escalated in 2023, but rents are rising faster in most counties.

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