February’s Rent vs. Buy Report comes down on the rent side in Tri-Cities area counties with one exception.
Hawkins County was neutral for the month, down from a 1% cheaper to rent position in January.
The report calculates median buying costs based on Realtor.com county-level residential price data and median rental prices sourced from the U.S. Department of Housing and Development data for rental estimates in the 50th percentiles. Household income data is from Nielsen Pop Facts Demographics 019.
According to the report, it was cheaper to rent in 10 of the 11-county Tri-Cities region. The strongest rent position was in Johnson County where it was 15 cheaper to rent than buying. The weakest rental position was in Sullivan County where it was 3% cheaper to rent than buying. February’s rent position was 4% in January.
Washington County has also listed in Tennessee Top 10 Cheaper to Rent County. Buying costs for Washington were 27% of median income while the rental price was 19%.
The report compares the median monthly costs of renting and buying relative to median income in 3,143 US counties. By February 2019, renting costs have gone up in 66% of the counties, and buying is cheaper in 40% of counties nationwide.