Buying a Home is Cheaper Than Renting in Lehigh Valley

Buying a Home Is Cheaper Than Renting in the Majority of the US | MyKCM

The results of the 2018 Rental Affordability Report from ATTOM show that buying a median-priced home is more affordable than renting a three-bedroom property in 54% of U.S. counties analyzed for the report, including Lehigh and Northampton counties.

Renting a home or apartment in the Lehigh Valley will require about 34-38% of the average workers weekly income. Nationally the updated numbers show that renting a three-bedroom property in the United States requires an average of 38.8% of income.

Home Affordability at the end of 2017 ranged from just over 30% in Lehigh County to about 36% in Northampton County.  The difference between the two counties was most likely because of the difference in the median sale price. In Lehigh County the median was $163,000, while in Northampton County it was $173,950, according to ATTOM.

The least affordable market for renting was Marin County, CA, just over the Golden Gate Bridge from San Francisco, where renters spend a staggering 79.5% of average wages on rent, while the most affordable market was Madison County, AL where 22.3% of average wages went to rent.

Other interesting findings in the report include:

  • Average rent rose faster than income in 60% of counties
  • Average rent rose faster than median home prices in 41% of counties
  • While median home prices rose faster than average rents in 58% of counties

Bottom Line

Buying a home makes sense socially and financially. If you are one of the many renters out there who would like to evaluate your ability to buy this year, let’s get together to find your dream home. Call us today at 484-893-1234!