Renting a median-priced three-bedroom house in the Philadelphia region is more affordable than buying one, even though rents have increased faster than home prices, writes Michaelle Bond for The Philadelphia Inquirer.
A report by the national real estate data company Attom analyzed rental prices for 2023 and 2022 home prices and measured housing costs as a proportion of average wages. It found that renting is more affordable than buying in all the collar counties and Philadelphia.
In Chester County, renting costs as part of average local wages are at 39 percent, while buying costs are at 47 percent. In Montgomery County, renting is 40 percent of average local wages, and buying takes up 46 percent. Delaware County has the lowest percentage of both costs, 30 percent for renting and 38 percent for buying. Meanwhile, Bucks County has the highest costs in both categories, with 51 percent of average local wages being taken by renting, and 65 percent for owning a house.
The report also found that both options are unaffordable for the average worker as both home prices and rents are rising faster than wages across the state and country.
Read more about renting or owning a house in The Philadelphia Inquirer.