Home ownership more affordable than renting
Is it more affordable to rent or buy a home in today's market?
A recent study by ATTOM Data found home ownership was more affordable than a 3-bedroom rental in many areas throughout the USA, although both options remain a financial stretch for the majority of Americans.
"The report shows that both owning and renting remain difficult for average U.S. workers, commonly consuming 25 to 60 percent their wages. But major ownership expenses on typical single-family homes nevertheless require a smaller portion of average wages than renting three-bedroom residences in close to 60 percent of the 341 county-level markets. Owning is the more affordable choice despite median home prices generally rising faster over the past year than average rents around the country."
Buying a manufactured home in Central PA is typically more affordable than even a 1 bedroom rental, including new construction. Loans for manufactured homes only require 10% down and to secure a new mobile home opportunity with ABC Home Sales only requires a small deposit to hold the home while you secure your financing.
Read more....
- Affordable living in Central PA
- Top 3 Tips for home buying success
- Do I have to pay my buyer agent's commission?
- Home owners have more assets and build more wealth - National Association of Home Builders
