Buying A Home Is More Affordable Than Renting In 54% Of US Counties

Buying A Home Is More Affordable Than Renting In 54% Of US Counties | Simplifying The Market

According to ATTOM Data Solutions’ 2018 Rental Affordability Report, “buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 [or 54% of] U.S. counties analyzed for the report.”

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.”

However, the report also shows that the average fair market rent rose faster than average weekly wages in 60% of the counties analyzed in the report (266 of 447 counties). With rents rising, many renters should consider buying a home soon.

Bottom Line

Rents will continue to rise, and mortgage interest rates are still at historic lows. Before you sign or renew your next lease, let’s get together to help you determine if you are able to buy a home of your own and lock in your monthly housing expense.  Give me a call – J.P. Cook – 602-320-4253.

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6109 S 68th Avenue Laveen, AZ 85339

$549,000
5 Beds
3 Baths
3,402 SqFt
Status Active
MLS # 6781655
Property Type Single Family Residence
Price Type --
Your new home is waiting for YOU! This well maintained home offers 2 car garage, extended driveway for extra parking, RV gate, and low maintenance front yard. Incredible inside offers plank style laminate and tile, No carpet, 5 bedrooms, 3 baths, formal living & dining rooms, den/office that could easily be used as another bedroom, and large loft area can be used for a bonus room or pool table. Chef's kitchen is comprised of Stainless Steel appliances, Gas Stove, island, mosaic backsplash, walk-in pantry, and ample counter/cabinet space. Upstairs master suite includes walk-in closet, full bath, dual sinks, separate tub, and step-in shower. Huge backyard has built-in BBQ & covered patio extended with pavers. The Lot is almost 1/3 Acre! HUGE RV Gate area and plenty of space to use it! 3 Bay Garage/ 2 door entry, tone of extra space. Whole house sprinkler system. Close to Freeways, Sprouts, Home Depot and restaurants. Trailside Point community park features a fishing lake, water splash pad and covered play area. The Laveen Schools are rated A+! Don't miss this opportunity!

11407 W Duane Lane Peoria, AZ 85383

$549,000
3 Beds
2.5 Baths
1,902 SqFt
Status Active
MLS # 6782259
Property Type Single Family Residence
Price Type --
This Stunning 3 Bedroom 2.5 Bath Features a Chefs Kitchen with gas Cooktop and Quartz Countertops, Built in Microwave and Oven, New RO System 10/2024. Stainless Steel Refrigerator Backsplash pendant lighting and a Large Pantry. Master bath has a Tiled super shower with rainfall Shower Heads, Jack and Jill Bath connects other Bedrooms. Raised vanities and Walk in Closets in all Bedrooms. Half a bath in hall way.8 ft doors highlight the interior with 5 1/4 Baseboards and upgraded lighting and fixtures, Matte Black throughout. The home also has Wood look Porcelain Tile and Upgraded Honeywell Thermostats with remote Via App. A 12' Multi Glass Sliding Door Leads to to an Extended Covered Patio and a Fully Landscaped Back Yard. Other Features Include Satellite Rewired, Water softener .

22807 E Via Del Palo -- Queen Creek, AZ 85142

$549,000
3 Beds
2 Baths
1,710 SqFt
Status Active
MLS # 6783813
Property Type Single Family Residence
Price Type --
Gorgeous 3 bed 2 bath Queen Creek gem. This must see home has loads of upgrades in all the right places. Tucked on a corner lot, on a sweet tree lined street in the highly desirable Harvest at Meridian community. Thoughtful builder upgrades including premium tile in all main living areas and upgraded carpet in the EXTENDED bedrooms. A premium cabinet package that has been professionally refinished, custom backsplash, gas cooktop, EXTENDED garage, upgraded bathroom package, premium countertops, high soft close toilets, upgraded electrical outlets, spray foam insulation, new pendant lighting, custom screen door, soft water system, custom sunscreens, complete with a 100K backyard Oasis, featuring gorgeous green turf and a stunning oversized 6 1/2 ft deep pool with Baja step and waterfall. Multiple walk-in closets, and loads of charm throughout. Complete with amazing community amenities. Including a splashpad, community pool, community garden, playground, walking paths, within walking distance to highly desirable Queen Creek schools. Close to amazing shopping, dining and entertainment alike. Enjoy fireworks from Schnepf Farms multiple times a year from the backyard patio, just 7 minutes to Frontier Family Park, 6 minutes to Schnepf Farms, and only 5 minutes to Queen Creek Olive Mill Market. With amazing freeway access this beautiful home sits right in the heart of Queen Creek.

714 N Fox Hill Circle Payson, AZ 85541

$549,000
3 Beds
2 Baths
1,695 SqFt
Status Active
MLS # 6784866
Property Type Single Family Residence
Price Type --
Step into this beautiful single level home in Woodhill Subdivision, nestled into a beautiful cul-de-sac lot with lots of mature natural trees. Very private backyard which backs to undeveloped land, south side has a large dog turn out which allows for more privacy. This home features an open floor plan which provides a seamless flow between living, dining and kitchen. Living room boasts with large windows giving it lots of natural lighting, vaulted ceilings, cozy fireplace adds warmth and charm! This is a 3 bedroom, 2 bath, split floor plan, vaulted ceilings, electronic blinds on some of the windows, walk-in closet, en-suite with dual sinks and walk in tiled shower. Private backyard with covered patio Don't miss out on this one!

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