Rents Cheaper in Cities, Homeownership in Rural Regions

Despite home prices that have continued to skyrocket and interest rates creeping up, owning a median-priced house remains more affordable than renting in a slim majority of U.S. counties, according to a new report from ATTOM Data Solutions—though in most large metros renting is cheaper.

In 58% of counties, the monthly cost of owning a home takes up a smaller percentage of an individual’s wages compared to monthly rental costs, the report found. At the same time, in 21 out of the 25 most populous counties, renting was the more affordable option.

“Home prices are rising faster than both rents and wages while wages rise faster than rents. And the housing market boom of the past decade keeps pushing home values to new records,” said Todd Teta, chief product officer at ATTOM, in a statement...

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RSK: Yes, rents and home ownership ,is less outside major cities and more rural counties but, those prices have risen proportionately as well.