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|
|Baltimore City, MD||49.64%|
|Norfolk City, VA||42.69%|
|San Francisco, CA||42.65%|
|Los Angeles, CA||41.95%|
Via CNNMoney (New York)
Read the full article from CNNMoney.