November 22, 2024 8:07 am
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Buying less expensive than renting in majority of large counties

Rent-or-buyBy Jann Swanson | Mortgage News Daily

Payments on a mortgage used to purchase a three-bedroom home were more affordable than paying rent on a similar home in 66 percent of the counties recently analyzed by RealtyTrac. The company, which looked at data in 285 U.S. counties found that buying beat out renting in 188 of them.

RealtyTrac’s “buy-or-rent” analysis compared the percentage of median household income in 285 U.S. counties that would be needed to pay the fair market rent on a 3-bedroom property to the percentage that would be needed to make monthly house payments – including mortgage, insurance and property taxes – on a similar property.

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