Cheaper To Buy Than Rent A Home In Six Out Of Eight St Louis Areas Counties

According to a report just released this morning by ATTOM Data Research, it’s cheaper to buy a home than rent in 6 of 8 St Louis metro area counties covered in the report.  The data reported also shows, however, that home prices are rising faster than rents in all of the counties, a trend that, if it continues, could make buying a home a less affordable option in the future.  The data also shows, on a postiive note, that in 6 of 8 counties wages are rising faster than rents.  The counties are split when it comes to wages vs home prices however, with wages rising faster than home prices in 4 and home prices rising faster than wages in the other 4.

Affordabilty is determined by the percentage of wages necessary to purchase a home in a given County.  Based upon this criteria, the most affordable county to buy a home is the City of St Louis at 20.1%, followed by Madison County, IL at 27.3% and then St Louis County at 27.6%.  The least affordable county to buy a home on the list is St Charles County at 45.3%

St Louis Home Affordability – 2018

St Louis Home Affordability - 2018

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