LAS VEGAS (KTNV) — A new report from ATTOM Data Solutions says it is cheaper to rent a 3-bedroom apartment or house in Las Vegas and Clark County than it is to buy one. And it isn't just Clark County.
ATTOM took a look at rental data from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics and sales deeds for 755 counties for their annual Rental Affordability Report.
Renting is more affordable than buying a home in the nation’s 18 most populated counties and in 37 of 40 counties with a population of 1 million or more (93 percent) — including Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; and San Diego County, California.
Other markets with a population of more than 1 million where it is more affordable to rent than to buy a home included counties in Miami, New York City, Seattle, Las Vegas, San Jose, San Francisco and Boston.
Among the 40 U.S. counties analyzed in the report with a population of 1 million or more, the three where it is more affordable to buy a home than rent were Wayne County (Detroit), Michigan; Philadelphia County, Pennsylvania; and Cuyahoga County (Cleveland), Ohio.
“With rental affordability outpacing home affordability in the majority of U.S. housing markets, and home prices rising faster than rental rates, the American dream of owning a home, may be just that — a dream, “said Jennifer von Pohlmann, director of content and PR at ATTOM Data Solutions.