Currently, renting is barely cheaper than buying a house, according to a study.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The average income was $ 1 319 per month in the United States, while the average mortgage was $ 1,600 per month at the end of 2019. Compared to the previous year, the rent touched an increase of 4%, while the mortgages decreased their value by 1%, according a new study carried out by Realtor.com which analyzed the value of housing in 593 US municipalities with populations that exceeded 100,000 inhabitants. “data-reactid =” 32 “> The average income was $ 1 319 per month in the United States, while the average mortgage was 1 $ 600 per month at the end of 2019. Compared to the previous year, the rent touched an increase of 4%, while the mortgages decreased their value by 1%, according to a new study carried out by Realtor.com that analyzed the value of housing in 593 US municipalities with populations that exceeded 100,000 inhabitants.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" Lower mortgage rates really benefit those they choose to buy. The fact that rates have gone down helps to bridge the gap between buying and renting, "he said. Danielle Hale, chief economist at Realtor.com. “data-reactid =” 33 “>” Lower mortgage rates really benefit those who choose to buy. The fact that rates have gone down helps to bridge the gap between buying and renting ” , he pointed Danielle Hale, chief economist of Realtor.com.
Monthly payments are cheaper for tenants in 84% of the municipalities analyzed. In these municipalities, housing prices were 260% more expensive than the average national value, while rents were only 79% more expensive.
But the gap between municipalities where renting is simpler is narrowing faster than in the rest of the country. While rents in Brooklyn, New York and Santa Cruz (Calif.), Are decreasing by 24%, 20% and 18% respectively; compared with the 2.8% drop nationwide.
“In these areas, the markets are so vast and firm that, in general, buying brings an immense benefit. They tend to be markets that attract not only owners and national investors but also international: as is the case in New York and California, ”said Hale in reference to these municipalities, including Santa Barbara, Monterey, San Mateo, and San Francisco, all of them in California.
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The percentage of income from renting or owning is higher in these cities. David Foster graphic.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The monthly amounts of mortgages are, in fact, cheaper than rents in 16% of the municipalities analyzed, more than the 12% that obtained this same data the previous year. In those municipalities, such as Clayton (Ga) and Baltimore City (Md), housing was 53% cheaper than the national average of $ 300,000. Rentals in those areas were only 11% cheaper than the previous year. “Data-reactid =” 57 “>The monthly amounts of mortgages are, in fact, cheaper than rents in 16% of the municipalities analyzed, more than the 12% that obtained this same data the previous year. In those municipalities, such as Clayton (Ga) and Baltimore City (Md), housing was 53% cheaper than the national average of $ 300,000. Rentals in those areas were only 11% cheaper than the previous year.
“In these areas there are many homes available for sale and not so many for rent. The country is facing a restriction in construction and a lack of available housing, but these areas do not present this trend, ”said Hale in relation to these municipalities, among which are Cumberland (NJ), Richmond (Ga.), and Vigo (Ind.). More than 25 municipalities, including Cleveland, Bronx (N.Y.), Indianapolis, and Columbia (S.C.), were added to the list of areas where buying is easier in 2019.
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