STRATEGY
RENTAL MARKETS
RENT OR BUY IN 2019
RENT
BUY
included counties in Miami, New York City, Seattle, Las Vegas, San Jose, San Francisco and Boston. Among the 40 U.S. counties ana- lyzed in the report with a population of 1 million or more, the three where it is more affordable to buy a home than rent were Wayne County (De- troit), Michigan; Philadelphia County, Pennsylvania; and Cuyahoga County (Cleveland), Ohio. RENT GROWTH OUTPACING WAGE GROWTH IN 52 PERCENT OFMARKETS Average fair market rents rose faster than average weekly wages in 394 of the 755 counties analyzed in the report (52 percent), includ- ing Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; and San Diego County, California. Average weekly wages rose faster than average fair market rents in 361 of the 755 counties analyzed in the report (48 percent), including Kings County (Brooklyn), New York; Queens County, New York; Clark County
(Las Vegas), Nevada; Tarrant County (Dallas-Fort Worth), Texas; Santa Clara (San Jose), California; Broward County (Miami), Florida; and Ala- meda (San Francisco), California. MARKETS PRIME FOR RENTING Keeping the above data observa- tions in mind and looking at those areas that are most affordable for renting, as well as those where rent growth is outpacing wage growth, ATTOM Data uncovered markets with the most upside. Markets that were more afford- able to rent than buy as well as markets where rent growth was outpacing wage growth, included; Catawba County (Hickory), North Carolina (24.8 percent of wages needed to rent); Sheboygan County, Wisconsin (25.1 percent of wages needed to rent); Allegheny County (Pittsburgh), Pennsylvania (25.1 percent of wages needed to rent); Wayne County (Wooster), Ohio (25.7 percent of wages needed to rent); and Forsyth County (Winston-Sa- lem), North Carolina (26.2 percent of wages needed to rent). •
Rental Markets with the Most Upside RENTING IS NOWMORE AFFORDABLE THAN BUYING INMORE THAN 50% OF HOUSING MARKETS.
RENTINGMOREAFFORDABLE THAN BUYING INNATION’S MOST POPULATED COUNTIES Renting is more affordable than buying a home in the nation’s 18 most-populated counties, and in 37 of 40 counties with a population of 1 million or more (93 percent) — in- cluding Los Angeles County, Califor- nia; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; and San Diego County, California. Other markets with a population of more than 1 million where it is more affordable to rent than to buy a home
by ATTOM Data Solutions
I
f you caught ATTOM Data Solutions' latest 2019 Buy vs.
to do a deeper data dive into some of those markets, where rental af- fordability has the most potential. The analysis incorporated recent- ly-released fair market rent data for 2019 from the U.S. Department of
Housing and Urban Development, wage data from the Bureau of Labor Statis- tics along with public record sales deed data from ATTOM Data Solutions in 755 U.S. counties with sufficient home sales data (see full methodology on p. 31).
Rent report, you saw that renting is now more affordable than buying a home in 59 percent of U.S. Housing Markets. Therefore, ATTOM decided
30 | think realty housing news report :: april / may 2019
thinkrealty . com / hnr | 31
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