"Affordability Comparison: Renting vs. Owning Homes in the US"

Despite rents outpacing gains in home prices, it's still more affordable to rent than own a home in nearly 90% of U.S. counties, with both options consuming more than one-third of wages in most areas. The gap between renting and owning has narrowed, but renting remains the more affordable choice in the majority of markets, especially in counties with populations of at least 1 million. However, there are exceptions, with Riverside County, California, and the Detroit, Michigan area being more affordable for owning than renting. The least affordable rental markets are largely in the South and West, while the most affordable ones are mainly in the Midwest and South.