The rent for a median three-bedroom unit is more affordable than owning a similarly sized home in nearly 90% of local markets around the nation, according to the 2024 Rental Affordability Report published by ATTOM, which noted this extends trends from 2023 even as rents have increased faster than home prices over the past year.
The new ATTOM report showed that major expenses on a median-priced single-family homes require more than one-third of average local wages (assuming a 20%) in 296 of the 338 counties analyzed for the report (88%). The report also determined that the median three-bedroom rent requires more than one-third of the average local wage in 274 of the 338 counties, or 81%.
Among the 64 markets where median three-bedroom rents require less than one-third of average local wages, 59 are in the Midwest and South.
“Finding an affordable home remains a daunting prospect around the country for average workers, regardless of whether they want to buy or rent,” said ATTOM CEO Rob Barber. “Continuously increasing home prices contribute to the escalation of rental costs, making both buying and renting properties a challenging endeavor across most of the United States. But the latest data shows that even as rents are growing faster, they remain more affordable than owning.”
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