"Renting Remains More Affordable Than Owning in 90% of US Markets"

According to ATTOM's 2024 Rental Affordability Report, renting remains more affordable than buying a home in nearly 90% of U.S. markets, with housing costs still posing significant financial burdens for average workers. The report highlights how increasing home prices contribute to the escalation of rental costs, making both buying and renting properties challenging endeavors. Median rental rates require a smaller portion of average wages compared to homeownership expenses in 88% of U.S. counties, with the Midwest and South being the most affordable regions for renting. Conversely, Southern and Western regions have the least affordable counties for renting, with some areas requiring over 100% of average local wages to cover rent costs.