April’s Rent vs. Buy Report shows some shifts in the rent position, which now dominates Tri-Cities county markets 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 16% cheaper to rent than buying. The weakest rental position was in Unicoi County, where it was 2% cheaper to rent than buy. February’s rent position was 4% in January.
The report compares the median monthly costs of renting and buying relative to the 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.
Categories: CORE DATA, REAL ESTATE
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