Hunt Country HorzKW 1
patty@yournovarealestate.com    (703) 403-8950
Are you a member? LoginRegister

blog header2

Buying More Affordable Than Renting in Most U.S. Markets

Buying a home is now more affordable than renting in the majority of U.S housing markets, according to a recent report from RealtyTrac.

According to the article from CNNMoney:
"Purchasing a median-priced home was more affordable than renting a three-bedroom home in 68% of the 473 counties analyzed by RealtyTrac. On average, renters are expected to spend 27% of their median household income on payments to landlords next year. Meanwhile, becoming a homeowner will require an average of 25% of income to cover the mortgage."

What Virginia city made the "10 Least Affordable Rental Markets" list? Norfolk, with 42.69% of median income going to rent. Here's the Top 10 list:

Location Percent of Median Income to Rent
Bronx, NY 67.57%
Baltimore City, MD 49.64%
Philadelphia, PA 47.40%
Brooklyn, NY 47.33%
Miami-Dade, FL 45.51%
Broward, FL 42.76%
Norfolk City, VA 42.69%
San Francisco, CA 42.65%
Humboldt, CA 41.99%
Los Angeles, CA 41.95%

Source: RealtyTrac
Via CNNMoney (New York)

Read the full article from CNNMoney.

Print Email