Ohio markets shine in buy vs. rent analysis.

[James Wise]

Ohio markets shine in buy vs. rent analysis
On April 9, 2015

By Carl Horst, OAR Director of Publications/Media Relations

A recent study conducted by RealtyTrac shows that housing payments are more affordable than the monthly fair market rents on a three-bedroom property in 76 percent of the U.S. counties included in its Residential Rental Property Analysis for the first quarter 2015. The report also ranked the markets with the best — and worst — potential returns on residential rental properties from a real estate investor perspective along with the most affordable — and least affordable — markets for renting from a renter perspective.

Ohio market highlights from the study:

• Butler County ranks as the 5th most affordable market to buy;
• Delaware County is the nation’s most affordable rental market, with Warren County ranking 9th;
• Trumbull County ranks 5th best with the highest return on residential rental properties.

The analysis included 461 counties nationwide with a population of at least 100,000 and sufficient home price, income and rental data. The combined population in the 461 counties analyzed was 217 million. On average across all 461 counties, fair market rents as set by the U.S. Department of Housing and Urban Development represented 28 percent of the estimated median household income, while monthly house payments on a median-priced home — with a 10 percent down payment and including property taxes, home insurance and mortgage insurance — represented 24 percent of the estimated median income.

There were 351 counties out of the 461 analyzed (76 percent) where house payments on a median-priced home in the first quarter of 2015 were lower than fair market rents on three-bedroom homes. Among these 351 counties, there were 56 counties where home prices rose at least 7 percent compared to a year ago and wages rose at least 3 percent annually — additional factors that could make owning a home more attractive than renting. Wages were from the most recent weekly wage data available from the Bureau of Labor Statistics, the third quarter of 2014.

Notes RealtyTrac:

Additionally, study spotlighted the favorable conditions that exist throughout the Ohio marketplace:

[Engelo Rumora]

Originally posted by @James Wise:

Ohio markets shine in buy vs. rent analysis
On April 9, 2015

By Carl Horst, OAR Director of Publications/Media Relations

A recent study conducted by RealtyTrac shows that housing payments are more affordable than the monthly fair market rents on a three-bedroom property in 76 percent of the U.S. counties included in its Residential Rental Property Analysis for the first quarter 2015. The report also ranked the markets with the best — and worst — potential returns on residential rental properties from a real estate investor perspective along with the most affordable — and least affordable — markets for renting from a renter perspective.

Ohio market highlights from the study:

• Butler County ranks as the 5th most affordable market to buy;
• Delaware County is the nation’s most affordable rental market, with Warren County ranking 9th;
• Trumbull County ranks 5th best with the highest return on residential rental properties.

The analysis included 461 counties nationwide with a population of at least 100,000 and sufficient home price, income and rental data. The combined population in the 461 counties analyzed was 217 million. On average across all 461 counties, fair market rents as set by the U.S. Department of Housing and Urban Development represented 28 percent of the estimated median household income, while monthly house payments on a median-priced home — with a 10 percent down payment and including property taxes, home insurance and mortgage insurance — represented 24 percent of the estimated median income.

There were 351 counties out of the 461 analyzed (76 percent) where house payments on a median-priced home in the first quarter of 2015 were lower than fair market rents on three-bedroom homes. Among these 351 counties, there were 56 counties where home prices rose at least 7 percent compared to a year ago and wages rose at least 3 percent annually — additional factors that could make owning a home more attractive than renting. Wages were from the most recent weekly wage data available from the Bureau of Labor Statistics, the third quarter of 2014.

Notes RealtyTrac:

Additionally, study spotlighted the favorable conditions that exist throughout the Ohio marketplace:

Hey James,

How are the numbers looking for my Toledo? haha

Thanks :)