These 7 cities buck the trend of being more affordable to have a mortgage than a rent payment each month
In just over half of U.S. counties it is more affordable to buy a home than to rent one, according toby the national property data analysts at ATTOM Data Solutions. However, the trend reverses when looking at high-density counties, which means in most of the places where people choose to live, it is generally less expensive to rent than buy.
The report looked at average weekly wages from the Bureau of Labor Statistics to find out income levels and then used rental data from the U.S. Department of Housing and Urban Development. For sales data ATTOM used publicly recorded prices for homes purchased from January through November of 2019. It is important to note they assumed a 3% down payment when calculating the average monthly payments by homeowners. Since they compared only the sales prices of the homes—not the types of homes—there is a big difference between what properties are being purchased in each city. Philadelphia, for example, with sales prices of $225,000 is going to be mostly condos while place like Wayne County and Allegheny County will be a lot of single-family homes for nearly two-thirds the price.
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