With the cost of rent soaring higher in most markets across the U.S., a new report shows that long-term, being a property owner will save money. ATTOM Data Solutions’ 2021 Rental Affordability Report shows that owning a median-priced three-bedroom home remains more affordable than renting a three-bedroom property in 63 percent of counties in the U.S.
Despite median home prices rising faster than average rents in the past year, those increases have been largely offset by record low mortgage rates.
“Home ownership is still more affordable [than renting], as amazingly low mortgage rates are helping to keep the cost of rising home prices in check,” said Todd Teta, chief product officer with ATTOM. “Right now, owning a home still appears to be a financially-sound choice for those who can afford it.”
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.25 percent.
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