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According to ATTOM’s just released 2023 Rental Affordability Report, the average three-bedroom rent is more affordable than owning a comparably sized median-priced home in 95 percent of U.S. counties analyzed.

The report also shows that both renting and owning a three-bedroom home are significant financial burdens for households around the U.S., consuming more than one-third of average wages in most major housing markets. However, the report notes that average rents still require a significantly smaller portion of wages than major home-ownership expenses on three-bedroom properties.

ATTOM’s 2023 rental affordability analysis found that average rents for three-bedroom homes are increasing more than median prices for single-family homes in 46 percent of the counties analyzed. Counties were included in the analysis if they had a population of 100,000 or more, at least 100 sales from January through November of 2022, and sufficient data.

The analysis also found that the most populous counties where three-bedroom rents are rising faster than median sales prices for single-family homes are Cook County (Chicago), IL; San Diego County, CA; Orange County, CA (outside Los Angeles); Kings County (Brooklyn), NY, and Miami-Dade County, FL.

Also according to the 2023 analysis, the largest counties where sales for single-family homes are rising faster than rents are Los Angeles County, CA; Harris County (Houston), TX; Maricopa County (Phoenix), AZ; Dallas County, TX, and Clark County (Las Vegas), NV.

The report also notes that renting the typical three-bedroom property requires more than one-third of average local wages in 78 percent or the counties analyzed. Further, among the 48 markets where average three-bedroom rents require less than one-third of average local wages, 44 are in the Midwest and South.

ATTOM’s 2023 rental affordability report states the most affordable counties for renting a 3-bedroom property are Jefferson County (Birmingham), AL (20 percent of average local wages needed to rent); Pulaski County (Little Rock), AR (23 percent); Cuyahoga County (Cleveland), OH (23 percent); Wayne County (Detroit), MI (24 percent) and Summit County (Akron), OH (25 percent).

In this post, we dig deep into the data to uncover the complete list of the top 10 counties where it’s most affordable to rent in 2023. Rounding out those top counties are: Montgomery County, OH (25 percent of average local wages needed to rent); Montgomery County, AL (25 percent); Shelby County, TN (25 percent); Saint Louis County, MO (25 percent); and Jackson County, MO (26 percent).

ATTOM Chart on Top Markets Most Affordable for Renting in 2023

ATTOM’s latest rental affordability report incorporated 2023 rental prices and 2022 home prices, collected from ATTOM’s nationwide property database, as well as publicly recorded sales deed data licensed by ATTOM. Those two data sources were combined with average wage figures from the Bureau of Labor Statistics.

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