CHARLOTTE — While it’s still more affordable to buy a home than it is to rent in most places across the U.S., that gap is narrowing.
Attom Data Solutions LLC, a property-data provider based in Irvine, California, recently analyzed where it’s more affordable to either own a median-priced home or to pay the average rent on a three-bedroom rental unit, across 1,154 counties in its 2022 Rental Affordability Report.
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It found, despite home prices growing faster than rents in 90% of the U.S., it’s typically more affordable to own a home in 666, or 58%, of counties analyzed.
But much depends on the geography of a metropolitan area and, drilling down further, urban versus suburban versus rural counties. Attom found, among less-populous suburban and rural areas, homeownership tends to outweigh renting more visibly, whereas renting generally remains more affordable in the biggest, and more urban, metropolitan areas across the U.S.
To learn what the analysis found out about buying versus renting in Charlotte, click here.
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