[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$fg2tifmovflju":3,"$ffeh0925h8cuz":51,"$fbwk2pqjjqsc7":55},{"item":4,"previous":39,"next":45},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":37,"updatedAt":38},3864,"owning-is-more-affordable-than-renting-in-the-majority-of-the-country","Owning Is More Affordable than Renting in the Majority of the Country","If you were thinking about buying a home this year, but already pressed pause on your plans due to rising \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F01\u002F13\u002Fwhats-going-to-happen-with-home-prices-this-year\u002F\">home prices\u003C\u002Fa> and increasing \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F11\u002F24\u002Fhow-smart-buyers-are-approaching-rising-mortgage-rates\u002F\">mortgage rates\u003C\u002Fa>, there’s something you should consider. According to the \u003Ca href=\"https:\u002F\u002Fwww.attomdata.com\u002Fnews\u002Fmarket-trends\u002Fhome-sales-prices\u002Fattom-2022-rental-affordability-report\u002F\">latest report\u003C\u002Fa> from \u003Cem>ATTOM Data\u003C\u002Fem>, owning a home is more affordable than \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F01\u002F04\u002Favoid-the-rental-trap-in-2022\u002F\">renting\u003C\u002Fa> in the majority of the country. The \u003Cem>2022 Rental Affordability Report\u003C\u002Fem> says:","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F01\u002F28134237\u002F20220131-KCM-Share.jpg","If you were thinking about buying a home this year, but already pressed pause on your plans due to rising \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F01\u002F13\u002Fwhats-going-to-happen-with-home-prices-this-year\u002F\">home prices\u003C\u002Fa> and increasing \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F11\u002F24\u002Fhow-smart-buyers-are-approaching-rising-mortgage-rates\u002F\">mortgage rates\u003C\u002Fa>, there’s something you should consider. According to the \u003Ca href=\"https:\u002F\u002Fwww.attomdata.com\u002Fnews\u002Fmarket-trends\u002Fhome-sales-prices\u002Fattom-2022-rental-affordability-report\u002F\">latest report\u003C\u002Fa> from \u003Cem>ATTOM Data\u003C\u002Fem>, owning a home is more affordable than \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F01\u002F04\u002Favoid-the-rental-trap-in-2022\u002F\">renting\u003C\u002Fa> in the majority of the country. The \u003Cem>2022 Rental Affordability Report\u003C\u002Fem> says:\u003C!--more-->\r\n\u003Cblockquote>\u003Cem>“. . . \u003C\u002Fem>\u003Cstrong>\u003Cem>Owning a median-priced home is more affordable than the average rent\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem> \u003Cstrong>on a three-bedroom property\u003C\u002Fstrong> in 666, or 58 percent, of the 1,154 U.S. counties analyzed for the report. That means\u003Cstrong> major home ownership expenses consume a smaller portion of average local wages than renting\u003C\u002Fstrong>.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nOther experts in the industry offer additional perspectives on \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F11\u002F15\u002F4-things-every-renter-needs-to-consider\u002F\">renting\u003C\u002Fa> today. In the latest \u003Ca href=\"https:\u002F\u002Fwww.corelogic.com\u002Fintelligence\u002Fsingle-family-annual-rent-growth-hits-sixth-consecutive-record\u002F\">\u003Cem>Single-Family Rent Index\u003C\u002Fem>\u003C\u002Fa> from \u003Cem>CoreLogic\u003C\u002Fem>, single-family rent saw the fastest year-over-year growth in over 16 years when comparing data for November each year (\u003Cem>see graph below\u003C\u002Fem>):\r\n\r\n\u003Ca href=\"https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F01\u002F28134236\u002F20220131-MEM-Eng-1.png\">\u003Cimg class=\"aligncenter wp-image-45923\" src=\"https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F01\u002F28134236\u002F20220131-MEM-Eng-1.png\" alt=\"Owning Is More Affordable than Renting in the Majority of the Country | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\r\n\r\nMolly Boesel, Principal Economist at \u003Cem>CoreLogic\u003C\u002Fem>, stresses the importance of what the data \u003Ca href=\"https:\u002F\u002Fwww.corelogic.com\u002Fintelligence\u002Fsingle-family-annual-rent-growth-hits-sixth-consecutive-record\u002F\">shows\u003C\u002Fa>:\r\n\u003Cblockquote>\u003Cem>“\u003Cstrong>Single-family rent growth hit its sixth consecutive record high\u003C\u002Fstrong>. . . . Annual rent growth . . . was more than three times that of a year earlier. \u003Cstrong>Rent growth should continue to be robust in the near term, \u003C\u002Fstrong>especially as the labor market continues to improve.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\n\u003Ch4>\u003Cstrong>What Does This Mean for You? \u003C\u002Fstrong>\u003C\u002Fh4>\r\nWhile it’s true \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F12\u002F15\u002Fwhat-everyone-wants-to-know-will-home-prices-decline-in-2022\u002F\">home prices\u003C\u002Fa> and \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F11\u002F08\u002Ftwo-graphs-that-show-why-you-shouldnt-be-upset-about-3-mortgage-rates\u002F\">mortgage rates\u003C\u002Fa> are rising, so are monthly rents. As a prospective buyer, rising rates and prices shouldn’t be enough to keep you on the sideline, though. As the chart above shows, rents are skyrocketing. The big difference is, when you rent, that rising cost benefits your landlord’s investment strategy, but it doesn’t deliver any sort of return for you.\r\n\r\nIn contrast, when you buy a home, your monthly mortgage payment serves as a form of forced savings. Over time, as you pay down your loan and as home values rise, you’re building \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F12\u002F21\u002Fthe-average-homeowner-gained-56700-in-equity-over-the-past-year\u002F\">equity\u003C\u002Fa> (and by extension, your own \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F08\u002F30\u002Fthe-difference-in-net-worth-between-homeowners-and-renters-is-widening\u002F\">net worth\u003C\u002Fa>). Not to mention, you’ll lock in your mortgage payment for the duration of your loan (typically 15 to 30 years) and give yourself a stable and reliable monthly payment.\r\n\r\nWhen asking yourself if you should keep \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F10\u002F01\u002Freasons-renters-buy-infographic\u002F\">renting\u003C\u002Fa> or if it’s time to buy, think about what Todd Teta, Chief Product Officer at \u003Cem>ATTOM Data\u003C\u002Fem>, \u003Ca href=\"https:\u002F\u002Fwww.attomdata.com\u002Fnews\u002Fmarket-trends\u002Fhome-sales-prices\u002Fattom-2022-rental-affordability-report\u002F\">says\u003C\u002Fa>:\r\n\r\n\u003Cem>“. . . \u003Cstrong>Home ownership still remains the more affordable option\u003C\u002Fstrong> for average workers in a majority of the country because it still takes up a smaller portion of their pay.” \u003C\u002Fem>\u003Cem> \u003C\u002Fem>\r\n\r\nIf buying takes up a smaller portion of your pay and has benefits renting can’t provide, the question really becomes: \u003Cem>is renting really worth it?\u003C\u002Fem>\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nIf you’re weighing your options between renting and buying, it’s important to look at the full picture. While buying a home can feel like a daunting process, having a trusted advisor on your side is key. Work with an agent to explore your options so you can learn more about the benefits of \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F01\u002F07\u002Fhow-to-hit-your-homebuying-goals-this-year-infographic\u002F\">homeownership\u003C\u002Fa> today.","\r\nIf you’re weighing your options between renting and buying, it’s important to look at the full picture. While buying a home can feel like a daunting process, having a trusted advisor on your side is key. Work with an agent to explore your options so you can learn more about the benefits of \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F01\u002F07\u002Fhow-to-hit-your-homebuying-goals-this-year-infographic\u002F\">homeownership\u003C\u002Fa> today.","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F01\u002F28134236\u002F20220131-MEM-Eng-1.png",false,[17,21,25,29,33],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},9,"Home Prices","home-prices",{"id":26,"name":27,"slug":28},11,"First-Time Buyers","first-time-buyers",{"id":30,"name":31,"slug":32},35,"Mortgage Rates","mortgage-rates",{"id":34,"name":35,"slug":36},53,"Rent vs. Buy","rent-vs-buy","2022-01-31T11:00:59Z","2022-11-16T17:09:39Z",{"id":40,"slug":41,"title":42,"featuredImage":43,"publishedAt":44,"contentType":10,"isVideo":15},3863,"why-your-home-inspection-matters-infographic","Why Your Home Inspection Matters [INFOGRAPHIC]","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F01\u002F27130250\u002F20220128_KCM-Share.png","2022-01-28T11:00:17Z",{"id":46,"slug":47,"title":48,"featuredImage":49,"publishedAt":50,"contentType":10,"isVideo":15},3865,"why-a-move-could-bring-you-more-happiness-this-year","Why a Move Could Bring You More Happiness This Year","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F01\u002F31113922\u002F20220201-KCM-Share.jpg","2022-02-01T11:00:28Z",{"cover":52,"open":53,"shareSpread":54},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[56,60,61,65,69,73,74,75,79,80,84,88,92,96,100,101,105,109,113,117,121,125,129,133,137,141,145,149,153,157],{"id":57,"name":58,"slug":59},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":62,"name":63,"slug":64},6,"For Sellers","sellers",{"id":66,"name":67,"slug":68},7,"Foreclosures","foreclosures",{"id":70,"name":71,"slug":72},8,"Infographics","infographics",{"id":22,"name":23,"slug":24},{"id":26,"name":27,"slug":28},{"id":76,"name":77,"slug":78},34,"Senior Market","senior-market",{"id":30,"name":31,"slug":32},{"id":81,"name":82,"slug":83},38,"Move-Up","move-up",{"id":85,"name":86,"slug":87},41,"For Sale by Owner","for-sale-by-owner",{"id":89,"name":90,"slug":91},42,"Featured","featured",{"id":93,"name":94,"slug":95},45,"New Construction","new-construction",{"id":97,"name":98,"slug":99},52,"Luxury \u002F Vacation","luxury--vacation",{"id":34,"name":35,"slug":36},{"id":102,"name":103,"slug":104},80,"Time-sensitive","time-sensitive",{"id":106,"name":107,"slug":108},81,"Outdated","outdated",{"id":110,"name":111,"slug":112},147,"Internal","internal",{"id":114,"name":115,"slug":116},148,"Do Not Autopost","do-not-autopost",{"id":118,"name":119,"slug":120},320,"Inventory","inventory",{"id":122,"name":123,"slug":124},321,"Agent Value","agent-value",{"id":126,"name":127,"slug":128},322,"Affordability","affordability",{"id":130,"name":131,"slug":132},323,"Buying Tips","buying-tips",{"id":134,"name":135,"slug":136},324,"Downsize","downsize",{"id":138,"name":139,"slug":140},325,"Economy","economy",{"id":142,"name":143,"slug":144},326,"Equity","equity",{"id":146,"name":147,"slug":148},327,"Forecasts","forecasts",{"id":150,"name":151,"slug":152},328,"Selling Tips","selling-tips",{"id":154,"name":155,"slug":156},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":158,"name":159,"slug":160},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]