Wages are not keeping up with home prices and that's creating strength in the rental market. But wages are also failing to keep up with rents in some areas, resulting in a high number of evictions.
RealtyTrac, which is owned by ATTOM Data Solutions, just released its 2017 Rental Affordability Report. It shows that buying a home is more affordable than renting, in 66% percent of the U.S. markets. That leaves 44% of the markets where it's more affordable to rent.
But places where it's might be more affordable to rent include several counties in California where rents and home prices are high - so affordability is out of reach for many, in both scenarios.
It's best to look up specific areas of interest if you're thinking of buying for personal reasons or for an investment, to see how the numbers affect your plan. The report gives you a way to do that.
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