Renting Still More Expensive Than Buying — Except Where Most Millennials Live

twl_2014_dec_blog18A new report released last week from housing data expert RealtyTrac reveals that in 2015 it will be more expensive to rent than buy in most real estate markets nationwide.

According to the report, renting a three-bedroom property next year will require an average of 27 percent of median household income. Buying will require only 25 percent. The exception to this finding is in the 25 areas where the population of millennials has increased significantly. In those areas, renting will require 30 percent of median household income, while buying will require 36 percent.

Daren Blomquist, vice president at RealtyTrac says, “Many of the markets with the jobs and amenities [millennials] want have hard-to-afford rents and even harder-to-afford home prices; while the more affordable markets have fewer well-paying jobs and tend to be off the beaten path.”

Read the entire article to learn more.

Image Credit: Mark Turnauckas