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In some areas, it?s actually cheaper to buy a house than to rent one Is it better to buy a home or rent"
It?s complicated question that most Americans will ask themselves at some point, and there?s no easy answer, as everyone?s circumstances are different. But a new study from ATTOM Data Solutions examines the question through the lens of location and finds that in 53 percent of the 855 U.S. counties studied, it?s more affordable to buy a home than rent one.
Depending on where you live, this is good news or bad news. Generally, in rural areas, it?s more affordable to buy than rent, and in suburban or urban areas, it?s cheaper to rent than buy. But there are many surprising exceptions, in addition to specific local trends that are driving housing affordability in particular U.S. cities.
ATTOM?s researchers found that renting is more affordable than buying in 36 of 43 counties with a population of 1 million or more. Among those counties where it was more affordable to buy are the counties where Miami, Detroit, Philadelphia, Cleveland, and Pittsburgh are located.
The study also found that home prices are rising faster than rents in 67 percent of counties, and those counties tended to be in areas that are already relatively cheap. Conversely, rents rose faster than home prices in many areas that are already expensive?Los Angeles County, California; Cook County, Illinois (where Chicago is located); San Diego County,...