12 Markets Where Owning a Home Is a No-Brainer
While home prices nationally are on the rise, there are many housing markets where owning a home is more affordable than renting. But in some areas, the right combination of wages, home prices and rental market conditions makes owning a home a virtual no-brainer. And when the cost of owning a home is less of a financial strain, it's easier for lenders to qualify borrowers for mortgages. Here's a look at the top markets with the largest affordability spread between owning and renting a home. The data, from RealtyTrac and ATTOM Data Solutions, shows the metropolitan statistical areas with the biggest difference between the percent of average wages needed to own versus rent. It is ranked by the most affordable county of each MSA.
No. 12: Muscogee, Ga.</br> MSA: Columbus, GA-AL
4Q15 Average Annual Wages: $44,720 2Q16 Median Home Price: $115,000 Affordability Spread: 11.67%