Median three-bedroom rents in the United States are more affordable than owning a similarly sized home in nearly 90% of local markets around the nation, according to ATTOM’s 2024 Rental Affordability Report.
While both renting and owning a three-bedroom home continues to pose significant financial burdens taking up more than one-third of wages for average workers, median rental rates still require a smaller portion of average wages than major homeownership expenses on three-bedroom properties in 296 (88%) of the 338 U.S. counties with enough data to analyze.
A trend established before 2023, the gap in renting versus owning remains even as rents have risen faster than home prices over the past year, according to ATTOM.
"Finding an affordable home remains a daunting prospect around the country for average workers, regardless of whether they want to buy or rent. 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," says Rob Barber, CEO at ATTOM. "But the latest data shows that even as rents are growing faster, they remain more affordable than owning."
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