Are you on the fence about buying a home this year? Here’s a good reason to make your move now.
According to the 2021 Rental Affordability Report from ATTOM Data Solutions, it’s cheaper to own a home than to rent in nearly two-thirds of U.S. housing markets.
The report analyzed 915 U.S. counties and found that owning a median-priced three-bedroom home is more affordable than renting a three-bedroom property in 572 of those counties.
Source: ATTOM Data Solutions
Despite median home prices rising faster than average rents over the past year, historically low mortgage rates have kept homeownership affordable for many people.
During the first week of 2021, average mortgage rates hit a new record low, according to Freddie Mac. There’s no telling where mortgage rates will go from here, but the bottom line is: If you’re thinking of making the switch from renting to owning a home, now may be the most affordable time to do so.