RENT OR BUY IN 2019
RENT
BUY
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 ana- lyzed in the report (52 percent), including 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 fast- er than average fair market rents in 361 of the 755 counties analyzed in the report (48 percent), includ- ing Kings County (Brooklyn), New York; Queens County, New York; Clark County (Las Vegas), Nevada; Tarrant County (Dallas-Fort Worth), Texas; Santa Clara (San Jose), Cal- ifornia; Broward County (Miami), Florida; and Alameda (San Francis- co), 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).
DATA IN ACTION
Rental Markets with the Most Upside
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 included counties in Miami, New York City, Seattle, Las Vegas, San Jose, San Francisco and Boston. Among the 40 U.S. counties an- alyzed in the report with a popula- tion of 1 million or more, the three where it is more affordable to buy a home than rent were Wayne County (Detroit), Michigan; Philadelphia County, Pennsylvania; and Cuyahoga County (Cleveland), Ohio.
I f you caught ATTOM Data Solu- tions' latest 2019 Buy vs. 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 to do a deeper data dive into some of those markets, where rental affordability has the most potential. BY ATTOM DATA SOLUTIONS
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-
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 Statistics along with public record sales deed data from ATTOM Data Solutions in 755 U.S. counties with sufficient home sales data.
34 think realty housing news report
april 2019 35
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