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.”
Rents will continue to rise, and mortgage interest rates are still at historic lows. Before you sign or renew your next lease, meet with a local professional who can help you determine if you are able to buy a home of your own and lock in your monthly housing expense.
Start your new home search now, and start building up your wealth today. I can help set up a free search on our MLS that will give you access to all available homes for sale, just like if you were a real estate agent. Find a city you want to live in and starting seeing what types of homes you could be moving into soon!
If you have any questions about the home buying process or new home buyer loans, just call/text me at 602-295-6807 and I can help answer all of your questions!
Helping to Make a Difference in Your Life,
Troy Erickson Realtor