Attom Data Solutions compiled its 2019 Rental Affordability Report and determined that it is more affordable for people to rent than buy a home in 59% of US counties.  This shows the pent-up  demand for rental homes plus underlying reasons why:

  • Home purchase prices have appreciated 6.7% annually recently while rents have increased 3.5%
  • Home prices are increasing faster than wages in 80% of the markets
  • However, rents are also rising faster than wages in 52% of markets
  • Renting is more affordable (relative to local income) than buying in almost all of the largest metro markets across the US
  • Least affordable rental markets are in specific areas of California, Hawaii, Virginia, Florida, and New York
  • Most affordable rental markets are in Tennessee, Illinois, and Ohio
  • Most affordable rents in large metros are found in Pittsburgh, Cleveland, Missouri, and Detroit.

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