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Based on ATTOM Data Solutions' survey, to rent a three-bedroom home is more affordable than a median-priced house in most countries in the United States. This includes 59% or 445 out of 755 total US countries.
Accordingly, the cause of this event is the Great Recession in the US. The citizens change lifestyle preference; prefer homes and apartments for lease due to its increasing affordability. Apart from saving renters maintenance and other fees, they also save up a portion of their monthly income for food, hospitalization, and education.
At an average, the home price increases at 6.7% annually, while rental prices only appreciate at 3.5%. In this case, renting a home or apartment is getting more appealing in the housing market. This is also another sign that we are becoming a renter nation nowadays.
Where Renters Live in the US
Forty counties from the US were analyzed in the study. Researchers made sure that the counties have more than one million population.
Some populated counties, where most residents rent, are Cook County, San Diego County, Los Angeles County, Harris County, Maricopa County, Las Vegas, New York City, Miami, Seattle, San Francisco, San Jose, and Boston.
Apparently, the most affordable counties to rent in are Peoria County of IL, Green County of OH, Mcminn County of TN, Rhea County of OH, Roane County of Tennessee, and more.
Where Homebuyers Live in the US
Although there are counties wherein rent rates are generally affordable, there are still some among the 40 counties analyzed that are least affordable. Some of them are Wayne County, Cuyahoga County, and Philadelphia County. Meaning, it will be better if you buy a home in these counties than look for homes and apartments for rent.
Other counties that have the least affordable renting rates are Santa Cruz County, Spotsylvania County, Honolulu County, Maui County, Monroe County, San Benito County, Marin County, and many more.
Although buying a house can be considered a long-term investment, it still varies from state to state. Renting, oftentimes, can be the most practical decision you could make. Besides, being a renter nation isn’t bad at all, especially if we have other priorities at hand.
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