Renting a 3 bedroom property is more costly than owning a home of the same size in 63% of U.S. markets, according to a recent study by ATTOM Data Solutions. These findings may seem
counter-intuitive due to the increase in home prices over recent years, but experts point to dramatically low interest rates as the explanation. Monthly payment can still be more affordable,
even with higher mortgage amounts, because of the lower interest rates.
"Home prices are rising...Yet, homeownership is still more affordable, as amazingly low mortgage rates that dropped below 3% are helping to keep the cost of rising home prices in check,"
says the chief product officer with ATTOM Data Solutions. Not surprisingly, the report found that owning a home is more affordable in suburban and rural areas, while renting is still favored
in the larger metropolitan areas across the country.
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