It’s cheaper to rent than buy in Denver County, report says
New apartments and condos loom over the Denver Skate Park. (Andrew Kenney/Denverite)
In most of the country, it’s cheaper to buy a home than it is to rent one, according to a report from ATTOM Data Solutions. Of course, Denver’s housing market isn’t like most of the country.
The report found making monthly house payments on a median-priced home is more affordable than the fair market rent on a three-bedroom property 66 percent of the 540 counties analyzed.
Denver was not one of them. According to ATTOM, renting requires only 37.2 percent of average wages in the area, while owning a home takes 41 percent of wages. However, both figures are above the old ‘don’t spend more than a third of your income on housing’ rule.
Other counties where ATTOM found it more affordable to rent include familair big-name cities: Los Angeles County, California, San Diego County, California; Orange County, California; Kings County (Brooklyn), New York and more.
Denver is more than than just the city though, and neighboring counties were a bit more mixed.
Seems that if you’re looking to buy, maybe it’s best to give Adams or Arapahoe County a shot.