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: 110 About Jon: Jon P. Wise believes customer service is a priority in building a successful business. He strives to...
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"Having Kelly in our corner truly was a blessing. Trying to navigate the confusing world of real estate on your own is virtually impossible these days and having Kelly by our side to show us the way literally opened up doors we may never have seen before. A couple of words come to mind when I think of Kelly Deschamp. The first would have to be perseverance! It can be a bit of a roller coaster ride trying to find that perfect home and more than likely you're bound to have some rejections or some "not in time" moments. Even when the chips didn't fall in our favor Kelly's motivation and her enthusiasm never faltered. Her genuine smile always lifted us up and she always kept working hard on our behalf to get us showings catered to our needs, some later in the evening when it was convenient around our schedules. Kelly truly puts the needs of her clients before her own and that's something that has to be really appreciated in this day and age. The other word that immediately comes to mind is knowledgeable. No matter what the question, and believe me my wife and I had many, she was always right there to guide us in the right direction. I can't tell you how beneficial and refreshing it was having Kelly's knowledge base to rely on. Her experience as a seasoned real estate agent really is unrivaled and there's no question I would highly recommend her to anyone looking for that perfect place to call home. Thank you Kelly! You found my family more than just a place to live, you found my wife, my son and I the perfect home. We truly couldn't have done it without youJ You've definitely found lifelong clients with us!