Everything seems to be on the rise these days in the world of real estate: home prices, mortgage interest rates, even the number of buyers competing with you for the properties that you've set your heart on.
The report compared monthly rents of three-bedroom apartments to monthly payments, including mortgages, property taxes, and insurance, on median-priced abodes in 540 counties that had 900 home sales or more in 2016. ATTOM assessed affordability by looking at 2017 rent estimates from the U.S. Department of Housing and Urban Development, wage data from the U.S. Bureau of Labor Statistics, and public record sales deed data.
"There are certain markets within Cook County where you are going to see very unaffordable home prices," Blomquist says. "The farther you get out from the lake, you do find urban and suburban markets that are relatively affordable for buying."
But the big surprise on the list is that buying is more affordable than renting in Florida's Miami-Dade County, home to luxury beachfront condos.
"When you think of Miami, you think of South Beach and Miami Beach and the high-priced properties there," Blomquist says. "But you go a little bit inland in Miami-Dade County, and there are actually a lot more reasonably priced homes."
And it's often easier for folks to buy single-family homes than condos, says local Realtor®Jamey Prezziof Keller Williams in Miami Beach. That's because buyers are often required to put at least 20% down on condos, many of which are in buildings that aren't eligible for Federal Housing Administration–insured loans that allow lower down payments.
But that doesn't mean it's cheap to rent in Miami. In fact, rising rents are spurring more of her clients to become homeowners, Prezzi says.
Rents are going up faster than home prices in about 27% of markets, according to the report.
It's also better to rent in Texas' Harris County, which includesHouston. However, the Houston market is still reasonably priced for buyers.
Renting a three-bedroom home in Houston takes about 27% of residents' average income, according to the report. Meanwhile, it requires 29% of wages to buy.
"It's absolutely affordable to buy in the county," says Houston RealtorGreg Nino of Re/Max Compass.
"If you're here for one or two years, you should rent," he says. "But if you’re going to be living in the home for five-plus years, you should definitely purchase. Depending on the neighborhood, your appreciation level could be fantastic."
Author:Jon Wise Phone: 312-287-8362 Dated: January 29th 2018 Views: 90 About Jon: Jon P. Wise believes customer service is a priority in building a successful business. He strives to...
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