Today, ATTOM released its 2022 Rental Affordability Report, which proves that owning a median-priced home is more affordable than average rents on a three-bedroom property in 666, or 58%, of the 1,154 U.S. counties analyzed in this report. This means major home ownership expenses consume a smaller portion of average local wages than renting.
That can be pretty hard to believe, considering how much the median price of homes skyrocketed since the start of the pandemic, but the data doesn’t lie. Home prices have increased more than average rents and more than average wages in 88% of the counties analyzed.
"Home-prices are rising faster than both rents and wages while wages rise faster than rents,” said Todd Teta, chief product officer with ATTOM. “And the housing market boom of the past decade keeps pushing home values to new records.”