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.
Hi, I am Chrysti. I am a Fair Oaks based REALTOR® and Real Estate Advisor who believes real estate works best when it feels human, calm, and supported. If you like a big sister energy kind of guide, you and I will get along just fine.
I have lived in the Sacramento and Placer foothill communities for more than three decades, and I care deeply about the people and stories here. I created I Love Fair Oaks because this town has a heartbeat, and I wanted a place to celebrate it. That work spills naturally into real estate because helping people move through life with clarity and confidence is what I love most.
My background includes real estate, mortgages, title, photography, design, and marketing. All of that helps me protect my clients and make the process feel as smooth as possible. When things get confusing, I explain. When things get stressful, I steady the room. When you need someone in your corner, I am right there with you.
I serve Fair Oaks, Orangevale, Carmichael, Gold River, Folsom, Granite Bay, Roseville, Rocklin, and the foothill communities that surround them. If you are planning a move or exploring what is next, I am here to help you find your way.
Contact916 320 2663c@chrystitovani.comCA DRE 01118449eXp Realty of California
As you plan out your goals for the year, moving up to your dream home may top the list. But, how do you know when to make your move? You want to time it just right so you can get the most out of the sale of your current house. You also want to know […]
During the pandemic, second homes became popular because of the rise in work-from-home flexibility. That’s because owning a second home, especially in the luxury market, allowed those homeowners to spend more time in their favorite places or with different home features. Keep in mind, a luxury home isn’t only defined by price. In a 
Rising interest rates have begun to slow an overheated housing market as monthly mortgage payments have risen dramatically since the beginning of the year. This is leaving some people who want to purchase a home priced out of the market and others wondering if now is the time to buy one. But this rise in […]![A Crucial First Step: Mortgage Pre-Approval [INFOGRAPHIC]](https://chrystitovani.com/wp-content/uploads/2022/09/20220916-KCM-Share-549x300-1.png)
![A Crucial First Step: Mortgage Pre-Approval [INFOGRAPHIC] | Simplifying The Market](https://files.simplifyingthemarket.com/wp-content/uploads/2022/09/15085140/20220916-KCM-Share-549x300.png)
![The Mortgage Process Doesn’t Have To Be Scary [INFOGRAPHIC]](https://chrystitovani.com/wp-content/uploads/2021/10/20211029-KCM-Share-549x300-1.png)
![The Mortgage Process Doesn’t Have To Be Scary [INFOGRAPHIC] | Simplifying The Market](https://files.simplifyingthemarket.com/wp-content/uploads/2021/10/27142914/20211029-KCM-Share-549x300.png)
