Key Highlights
- ATTOM Data Solutions identifies top 10 most affordable rental housing markets in its 2021 Rental Affordability Report
- Owning median-priced three-bedroom home more affordable than renting in 63% of US counties analyzed
- Trend emerging despite average rents increasing in 83% of counties and rents increasing more than wages in 66% of nation’s counties
ATTOM Data Solutions recently released its 2021 Rental Affordability Report. Please read the accompanying post titled “Owning More Affordable than Renting in two-Thirds of US” for additional background information.
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According to ATTOM’s most recent report, renting an average three-bedroom home eats up at least one-third of average weekly wages in 55% of counties analyzed in ATTOM’s report. The most affordable rental markets for median-priced three-bedroom homes are in the South and Midwest.
Take a look at the ten most affordable rental-housing markets for 2021, according to ATTOM, and the respective percentage of wages need to rent in each of these cities:
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- Roane County TN (outside of Knoxville) – 18.4% of wages
- Benton County AR (Rogers) – 20.7% of wages
- Madison County AL (Huntsville) – 21.6% of wages
- Greene OH (outside of Dayton) – 22.5% of wages
- Sullivan County TN (Kingsport) – 22.6% of wages
- Harrison County WV – 23.0% of wages
- Tock Island County IL – 23.4% of wages
- Rhea County TN – 23.5% of wages
- Hancock County OH – 23.6% of wages
- Sangamon County IL – 23.7% of wages
Also take a look at the ten least affordable rental-housing markets for 2021, according to ATTOM, and the respective percentage of wages needed to rent in each of these cities:
- Santa Cruz County – 82.9% of wages
- Santa Barbara County – 68.7% of wages
- Marin County CA (outside of San Francisco) – 67.9% of wages
- Park County CO (outside of Denver) – 67.5% of wages
- Kauai County HI – 66%
- Monterey County CA – 65.5% of wages
- Honolulu County KI – 65.2% of wages
- Monroe County FL – 63.8% of wages
- Spotsylvania County VA – 63.4% of wages
- Maui County KI – 63.2% of wages
ATTOM noted that wages are increasing faster than average fair market rents in 81% of markets analyzed. In just 19% of counties analyzed, fair-market rents are rising faster than average wages.
Thanks to ATTOM Data Solutions.
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