This is a common question contemplated across the country by many Americans. Although owning a home is still the “American Dream”, home ownership certainly comes with costs. Oftentimes, many of these additional costs come as a surprise to the homeowner due to various maintenance items, etc… A recent study by a real estate research firm named ATTOM Data Solutions was conducted to address in which markets it was advantageous to buy or rent. Overall, 915 counties were analyzed across the United States for this study.
Home ownership is better than renting
In two out of three counties across the country, owning a median-priced three-bedroom home is more affordable than renting a comparable property. Although median home prices have risen more than average rents in 83% of the counties tracked, historically low mortgage rates have helped offset these home price gains.
Interestingly, home ownership tended to be more affordable than renting in counties with populations of less than one million. This edge towards home ownership was even more pronounced in counties with populations less than 500,000. Regionally, the most affordable home ownership markets tend to be located in the South and Midwest, while the least affordable tend to be located in the West and Northeast.
While it was cheaper to buy a home than rent in 63% of the U.S. counties analyzed in this study, the benefit of home ownership is even greater in The Sunshine State. As depicted in the infographic above, home ownership was more economical than renting across the majority of the state. Of course, every person’s situation is unique, as is every market. It is always advisable to seek assistance for a local and knowledgeable real estate agent in any county. Do you need assistance in the South Florida market? Contact Live South Florida Realty, Inc. today!