STRATEGY
BUY VS. RENT
You invest. We protect. THERE IS AGUARD FOR YOU
As home prices continue to rise, the battle to live within your means rages on. ATTOM Data Solutions, released its 2019 rental affordability report, which shows that renting a three-bedroom property is more affordable than buying a median-priced home in 442 of 755 U.S. counties analyzed for the report — 59 percent. The report shows that renting a three-bedroom property requires an average of 38.0 percent of weekly wages, while home affordability requires an average of 42.8, across the 755 counties analyzed for the report. ATTOM Data decided to look at those top counties with a population greater than 200,000, where rental affordability is more affordable vs. counties where home affordability is bucking the trend. THAT IS THE QUESTION
Top 5 Counties More Affordable to Buy
Top 5 Counties More Affordable to Rent
Wayne County, Michigan MSA: Detroit-Warren-Deaborn, MI 2018 3-Bedroom Rental Rates: $ 89,000 *YTD 2018 Home Affordability: 15.1% Clayton County, Georgia MSA: Atlanta-Sandy Springs-Roswell, GA 2018 3-Bedroom Rental Rates: $ 100,000 *YTD 2018 Home Affordability: 16.1% Baltimore City County, Maryland MSA: Baltimore-Columbia-Towson, MD 2018 3-Bedroom Rental Rates: $ 103,000 *YTD 2018 Home Affordability: 16.1% Richmond County, Georgia MSA: Augusta-Richmond County, GA-SC 2018 3-Bedroom Rental Rates: $ 93,000 *YTD 2018 Home Affordability): 18.3% Trumbull County, Ohio MSA: Youngstown-Warren-Boardman, OH-PA 2018 3-Bedroom Rental Rates: $ 83,450 *YTD 2018 Home Affordability): 20.1%
Allegheny County, Pennsylvania MSA: Pittsburgh, PA 2018 3-Bedroom Rental Rates: $ 1,192 *2019 Rental Affordability: 25.1% Benton County, Arkansas MSA: Fayetteville-Springdale-Rogers, AR-MO 2018 3-Bedroom Rental Rates: $ 1,110 *2019 Rental Affordability: 25.8% Fulton County, Georgia MSA: Atlanta-Sandy Springs-Roswell, GA 2018 3-Bedroom Rental Rates: $ 1,432 *2019 Rental Affordability: 26% Elkhart County, Indiana MSA: Elkhart-Goshen, IN 2018 3-Bedroom Rental Rates: $ 1,026 *2019 Rental Affordability: 26.1% Forsyth County, North Carolina MSA: Winston-Salem, NC 2018 3-Bedroom Rental Rates: $ 1,076 *2019 Rental Affordability: 26.2%
# 1
# 1
From landlords to lenders, flippers to
Coverage for vacant, rehab and occupied properties
# 2
# 2
Pay-as-you-go-monthly never pay for more coverage than you need
funders, National Real Estate Insurance Group has real estate investors - like you - covered. We deliver custom insurance solutions across all 50 states.
# 3
# 3
Easy to use online portal
# 4
# 4
Insure multiple LLCs, trusts and corporations under one schedule
# 5
# 5
*Pct of average wages to buy - 3% down
*Pct of average wages to rent
For this report, ATTOM Data Solutions looked at 50th percentile average rental data for three-bedroom properties in 2018 from the U.S. Department of Housing and Urban Development, along with Q2 2018 average weekly wage data from the Bureau of Labor Statistics (most recent available) and January-November (YTD) 2018 home price data from ATTOM Data Solutions publicly-recorded sales deed data in 755 counties nationwide. Rental affordability is average fair market rent for a three-bedroom property as a percentage of the average monthly wage (based on average weekly wages). Home buying affordability is the monthly house payment for a median-priced home (based on a 3 percent down payment and including mortgage, property tax, homeowner’s insurance and private mortgage insurance) as a percentage of the average monthly wage.
For your custom insurance proposal, call 888-741-8454 or visit YouInvestWeProtect.com today!
thinkrealty . com / hnr | 33 National Real Estate Insurance Group is the nation’s leading agency offering coverage options for real estate investors across the country. Our lineup of products includes: REIGuard™, LandlordGuard, PMGuard, TurnkeyGuard, LenderGuard, and CommercialGuard.
32 | think realty housing news report :: april / may 2019
Made with FlippingBook Online newsletter