Buying A Home Is More Affordable Than Renting In 54% Of US Counties

According to ATTOM Data Solutions’ 2018 Rental Affordability Report, “buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 [or 54% of] U.S. counties analyzed for the report.”

For the report, ATTOM Data Solutions compared recently released fair market rent data from the Department of Housing and Urban Development with reported income amounts from the Department of Labor and Statistics to determine the percentage of income that a family would have to spend on their monthly housing cost (rent or mortgage payments).

Daren Blomquist, Senior Vice President of ATTOM Data Solutions had this to say:

“Although buying is still more affordable than renting in the majority of U.S. housing markets, the majority is shrinking as home price appreciation continues to outpace rental growth in most areas.”

However, the report also shows that the average fair market rent rose faster than average weekly wages in 60% of the counties analyzed in the report (266 of 447 counties). With rents rising, many renters should consider buying a home soon.

Bottom Line

Rents will continue to rise, and mortgage interest rates are still at historic lows. Before you sign or renew your next lease, let’s get together to help you determine if you are able to buy a home of your own and lock in your monthly housing expense.  Give me a call – J.P. Cook – 602-320-4253.

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10438 E Twilight Drive Sun Lakes, AZ 85248

$459,000

3 Beds

2 Baths

1,972 SqFt

Status Active

MLS # 6662510

Property Type Single Family Residence

Price Type --

Here's the home that will fit both your lifestyle and finances. Ample opportunity to put your personal touches and imagination to make it you! Great room flows seamlessly in to the dining room, kitchen and breakfast room. Spacious Primary bedroom with patio access and updated bathroom. Large secondary bedrooms that overlook the front courtyard area. Updated guest bathroom. Additional 392 SQ FT of Bonus Rooms, ideal for home office, hobby, fitness or workshop. Use one for work and the other for play! Backyard covered patio is perfect for afternoon get-togethers after golf with friends. Very private, expansive backyard. Garage offers plenty of space for vehicles along with tons of storage. Ready to live the resort life? Come check out all this community has to offer and make the move! January 2024, All tile sections of the house and garage have had felt replaced, tiles reinstalled, broken tiles replaced and new flashings installed.

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3928 E Branham Lane Phoenix, AZ 85042

$459,000

3 Beds

2.5 Baths

1,708 SqFt

Status Active

MLS # 6675226

Property Type Single Family Residence

Price Type --

Well maintained home in a nice gated Blossom Hills subdivision. Main bedroom suite on ground floor, spacious loft and 2 bedroom and a bath on the second floor. Open great room with kitchen, living and dining space with a half bath and Harry Potter closet under the stair and a nice size laundry room. 2 car garage, shared driveway. Wood look tile on the main floor and newer carpet on stair and upstairs loft and bedrooms. Easy freeway access. Seller related to Listing Agent. There is a one time Benefit Working Capital Fee of 114.00

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3635 E Turney Avenue Phoenix, AZ 85018

$459,000

2 Beds

2 Baths

1,500 SqFt

Status Active

MLS # 6678302

Property Type Townhouse

Price Type --

Gorgeous Arcadia townhouse in the middle of everything. Tastefully remodeled with no detail forgotten. Modern kitchen with newer cabinets, stainless appliances and quartz countertops. Porcelain wood like tile in the main living areas. Rustic Porter Barn wood wall in the dining room. Custom vanities and tile in both bathrooms. New energy efficient AC unit in 2017. Upgraded aluminum windows throughout. Dog friendly community near many popular restaurants including Postinos, LGO, Ingos and Chelsea's Kitchen . BE AN OWNER NOT A RENTER! OWNER FINANCING with as little as 10% down. Location! Location! Location!

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2022 N 40th Street Phoenix, AZ 85008

$459,000

3 Beds

2 Baths

1,200 SqFt

Status Active

MLS # 6683716

Property Type Single Family Residence

Price Type --

NOW PRICED TO SELL - ACT FAST. FOR INSTANT EQUITY. Classic charm, updated style in this beautifully remodeled home. Mid-century Modern with an updated exterior & interior, it is move in ready for you. Recently repainted inside and out, New flooring throughout, Open concept floorplan with a spacious kitchen adorned with sleek quartz countertops New Smart stainless steel appliances. All new interior doors. Beautifully renovated bathrooms. Inside Laundry W/D incl. Leased solar w/battery=low bills. Outside, the large covered patio and expansive backyard, large space for pets, a pool and a garden. This home will not last at this price. Come and see it today! relaxation and entertainment, while the front yard boasts a convenient sprinkler system for easy maintenance. Perfectly situated near shops, restaurants, and with quick access to Loop 202, this home offers convenience and connectivity. Whether it's a jaunt to north Tempe, south Scottsdale, or Downtown Phoenix, this location puts everything within reach.

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