RENT vs. BUY

According to Realtor.com’s July 2018 renting vs. buying report*, home prices rose more than three times faster than rents.  The monthly cost of owning a home rose 14% last year while the cost of renting rose by 4%.  According to the report:

• Only 41 percent of the nation’s population lives in a county where a median-income family can afford to buy a home.

• In July, buying a home was cheaper than renting in 35 percent of counties, compared to 44 percent of counties last year.

• The top five counties where purchasing a home was more affordable than renting last month were: Clayton County, Ga.; Baltimore City, Md.; Wayne County, Mich.; Cumberland County, N.C.; and Madison County, Ill., with the share of income to buy being 4 percent to 14 percent lower than the share of income to rent.

• Renting remains much less expensive than buying in Manhattan, N.Y.; Brooklyn, N.Y.; Monterey County, Calif.; San Mateo County, Calif.; and Santa Barbara County, Calif.

• In the last year, 20 counties with 100,000+ residents flipped from being cheaper to buy to being cheaper to rent, three quarters of which were in the South and Midwest.

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

*https://www.realtor.com/research/july-2018-rent-vs-buy-report-home-prices-rise-three-times-faster-than-rents

Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should not rely solely on this information. We encourage our clients to work with a lawyer experienced in commercial and/or residential real estate matters as they can be complicated and confusing.