New Data Confirms: It’s More Affordable to Buy than Rent in Butler County, OH in 2018
When it comes to buying a West Chester or Liberty Township home for sale, people usually have a lot of opinions. “Now is a great time to buy!,” some will say. “Hold off – the market is overheated,” others might caution. So, which is it?
Well, we finally have new data to confirm: it’s more affordable to buy than rent in Butler County, OH in 2018.
According to a new report from ATTOM Data Solutions, curator of one of the largest property databases in the nation, it is more affordable to buy than rent in 54 percent of U.S. counties. As shown in the map above, areas highlighted in green bubbles are places where it’s more affordable to buy than rent. Butler County, OH is one of those.
Here’s ATTOM’s snapshot of Butler County, OH:
Average weekly wage: $901 per week
Rent for a 3-bedroom apartment: $1,265 per month
Rental affordability: 32.4% (percent of average wages to rent)
Median home price Q4 2017: $149,000
Home affordability: 27.2% (percent of average wages to buy a home)
So there you have it, folks: it’s actually more affordable to buy a West Chester or Liberty Township home for sale than to rent one. You’ll spend about 5% more of your income on renting than buying if you were to buy this year.
Now, we understand it’s not as simple as looking at the raw data. There are other costs that come with homeownership. For instance, you’ll need to save for a down payment (we recommend putting down 20% if possible), closing costs (which can run anywhere between $5,000 and $10,000) and you’ll want to budget for unexpected home repairs. BUT, if you’re able to do that, your average monthly expenses will actually go down if you buy a West Chester or Liberty Township home as opposed to rent one.
Don’t wait to buy a West Chester or Liberty Township home for sale.
If you’re in the market for a new home, we suggest buying sooner rather than later. ATTOM’s latest report indicates that median home prices are rising faster than average fair market rents in 59% of the markets it analyzed.
“Although buying is still more affordable than renting in the majority of U.S. housing markets, that majority is shrinking as home price appreciation continues to outpace rental growth in most areas,” says Daren Blomquist, vice president at ATTOM Data Solutions.
We already see this happening in other parts of southwest Ohio. In Warren County, for instance, it’s now more affordable to rent than buy. The gap is also narrowing in Greene and Clermont Counties, where it’s almost equally as expensive to rent as buy.
Ready to start looking? Contact us today. As one of the top real estate agencies serving the West Chester and Liberty Township area, we’d be happy to take you on a no-obligation tour of properties that meet your needs. After all, there’s no better time to buy – don’t just take our word for it. The data doesn’t lie!