Daily News | Renting a house is more affordable than buying one in Philly and across the U.S.
Renting a median priced three-bedroom home is more affordable than buying a three-bedroom single-family home in the country’s largest counties, including Philadelphia, according to a report by the national real estate data company Attom.
Among counties with populations of at least a million people, Philadelphia and Allegheny Counties are two of the most affordable for renting a three-bedroom home,Tips for home buyers worried about higher mortgage rates New rents have risen faster than home prices over the last year in almost half the country. Even so, across the nation, the median rent for a three-bedroom home is more affordable than the median price of the same sized home in 210 of the 222 counties Attom analyzed. The company included counties with populations of at least 100,000 people with sufficient sales data from January through November 2022.
. Both home prices and rents are rising faster than wages in most of the country. Renters in most major housing markets spend more than one-third of average wages on housing.
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