IRVINE, Calif. – Jan. 18, 2024 — ATTOM, a leading curator of land, property and real estate data, today released its 2024 Rental Affordability Report, which shows that median three-bedroom rents in the U.S. are more affordable than owning a similarly-sized home in nearly 90 percent of local markets around the nation.
The report shows that both renting and owning a three-bedroom home continue to pose significant financial burdens for average workers, consuming more than one-third of their wages in the vast majority of county-level housing markets. But median rental rates still require a smaller portion of average wages than major home-ownership expenses on three-bedroom properties in 296, or 88 percent, of the 338 U.S. counties with enough data to analyze.
That gap extends trends from 2023 even as rents have commonly risen faster than home prices over the past year around the U.S.
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