Renting Is Cheaper Than Owning in Nearly 90% of Local Markets

Median three-bedroom rents in the United States are more affordable than owning a similarly sized home in nearly 90% of local markets around the nation, according to ATTOM’s 2024 Rental Affordability Report.

While both renting and owning a three-bedroom home continues to pose significant financial burdens taking up more than one-third of wages for average workers, median rental rates still require a smaller portion of average wages than major homeownership expenses on three-bedroom properties in 296 (88%) of the 338 U.S. counties with enough data to analyze.

A trend established before 2023, the gap in renting versus owning remains even as rents have risen faster than home prices over the past year, according to ATTOM.

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