10 Markets Where It's Cheaper to Rent Than Own

According to ATTOM Data Solutions' 2022 Rental Affordability Report, in 58% of the U.S. counties it evaluated, owning a median-priced home is more affordable than the average rent on a three-bedroom property: "That means that major home ownership expenses consume a smaller portion of average local wages than renting" in 666 of those 1,154 counties. Using rental data from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics, and sales deed data from public records nationwide, ATTOM analysts found that rising wages and low interest rates counteracted the effects of rising rents and home prices in many markets countrywide. "For now, rising wages and interest rates around 3% are enough to offset recent price run-ups and keep ownership on the plus side of the affordability ledger compared to renting," said Todd Teta, ATTOM Data chief product officer.