Still Cheaper to Own; Forbearance Improvement Slows; No More Record Low Rates?

In most parts of the country owning a home is more affordable than renting one according to ATTOM Data Solutions’ 2021 Rental Affordability Report . The company looked at the median price of a three-bedroom home in 915 U.S. counties and the rent for a comparable home and found owning more affordable 572 or 63 percent of them. The company says this has happened despite home prices increasing faster than rents in 83 percent of the counties and faster than wages in two-thirds. Renting, however, remains more affordable in the biggest cities. “Home-prices are rising faster than rents and wages in a majority of the country. Yet, home ownership is still more affordable, as amazingly low mortgage rates that dropped below 3 percent are helping to keep the cost of rising home prices in check,” said Todd
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