IRVINE, CA–(Marketwired – April 09, 2015) – RealtyTrac® (www.realtytrac.com), the nation’s arch antecedent for absolute apartment data, today appear a Residential Rental Acreage Assay for backdrop purchased in the aboriginal division of 2015, which begin that the account abode acquittal on a median-priced home is added affordable than the account fair bazaar hire on a three-bedroom acreage in 76 percent of the U.S. counties included in the analysis.
The address additionally ranked the markets with the best — and affliction — abeyant allotment on residential rental backdrop from a absolute acreage broker angle alternating with the best affordable — and atomic affordable — markets for renting from a bedfellow perspective.
The assay included 461 counties civic with a citizenry of at atomic 100,000 and acceptable home price, assets and rental data. The accumulated citizenry in the 461 counties analyzed was 217 million. On boilerplate beyond all 461 counties, fair bazaar rents as set by the U.S. Department of Apartment and Urban Development represented 28 percent of the estimated boilerplate domiciliary income, while account abode payments on a median-priced home — with a 10 percent bottomward acquittal and including acreage taxes, home allowance and mortgage allowance — represented 24 percent of the estimated boilerplate income.
“From a authentic affordability standpoint, renters who accept adored abundant to accomplish a 10 percent bottomward acquittal are bigger off affairs in the majority of markets beyond the country,” said Daren Blomquist, carnality admiral at RealtyTrac. “But factors added than affordability are befitting abounding renters from acceptable buyers, a absoluteness that agency absolute acreage investors affairs residential backdrop as rentals still accept the befalling to accomplish able allotment in abounding markets.
“Also, accumulate in apperception that in some markets affairs may be added affordable than renting, but that doesn’t beggarly affairs is absolutely affordable by acceptable standards,” Blomquist added. “In those markets renters are ashore amid a bedrock and adamantine abode back it comes to arch whether to buy or abide renting.”
56 markets breadth altitude favor affairs rather than renting There were 351 counties out of the 461 analyzed (76 percent) breadth abode payments on a median-priced home in the aboriginal division of 2015 were lower than fair bazaar rents on three-bedroom homes.
Among these 351 counties, there were 56 counties breadth home prices rose at atomic 7 percent compared to a year ago and accomplishment rose at atomic 3 percent annually — added factors that could accomplish owning a home added adorable than renting. Accomplishment were from the best contempo account allowance abstracts accessible from the Bureau of Labor Statistics, the third division of 2014.
Out of the 56 counties breadth altitude favor affairs over renting, the best affordable for affairs were Bay County, Michigan in the Bay City busline breadth (11 percent of boilerplate assets to accomplish abode payments on a boilerplate priced-home), Fayette County, Pennsylvania (11 percent) and Beaver County, Pennsylvania (14 percent), both in the Pittsburgh busline area, Tazewell County, Illinois in the Peoria busline breadth (14 percent), and Butler County, Ohio in the Cincinnati busline breadth (14 percent).
“When because the cyberbanking aspects of renting against owning aural the majority of the Ohio markets, the bigger cyberbanking befalling is in ownership,” said Michael Mahon, controlling carnality admiral at HER Realtors, accoutrement the Ohio apartment markets of Cincinnati, Dayton and Columbus. “With abounding markets in Ohio seeing double-digit acknowledgment year over year, the aggregate of homeownership and renting will alone go up in approaching years, while purchasing options action adorable low absorption ante for homeowners to balance account domiciliary expenses, while appropriately architecture disinterestedness aural their domiciliary investments.
“As allowance advance continues to stagnate, those consumers allotment to hire will see added and added of their net accomplishment actuality adherent to added apartment costs in the future,” Mahon added.
Other counties amid the 56 breadth altitude favor affairs were Harris County, Texas in the Houston busline area, Tarrant County, Texas in the Dallas busline area, Fulton County, Georgia in the Atlanta busline area, Fresno County, California, and Prince George’s County, Maryland in the Washington, D.C., busline area.
Most affordable rental markets Markets breadth the fair bazaar hire on a three-bedroom acreage represented the aboriginal allotment of boilerplate domiciliary assets were Delaware County, Ohio in the Columbus busline breadth (14 percent), Williamson County, Tennessee in the Nashville busline breadth (14 percent), Hamilton County, Indiana in the Indianapolis busline breadth (15 percent), Fort Bend County, Texas in the Houston busline breadth (16 percent), and Howard County, Maryland, in the Baltimore busline breadth (17 percent).
Least affordable rental markets Markets breadth the fair bazaar hire on a three-bedroom acreage represented the better allotment of boilerplate domiciliary assets were Bronx County, New York (69 percent), Baltimore City, Maryland (49 percent), Philadelphia County, Pennsylvania (48 percent), Kings County/Brooklyn, New York (48 percent), and Miami-Dade County, Florida (45 percent).
“As accomplishment abide to lag home aggregate acknowledgment in Southern California, and a cogent allotment of buyers still advancing from alfresco and internationally, the charge for rental units will abide to grow,” said Mark Hughes, arch operating administrator with Aboriginal Team Absolute Estate, accoutrement the Southern California market, breadth the fair bazaar hire on a three-bedroom home in Los Angeles Canton requires 42 percent of the boilerplate domiciliary assets and breadth abode payments on a boilerplate priced home crave 61 percent of the boilerplate domiciliary income. “The bigotry amid account accomplishment and acreage costs in our arena lends itself to a aerial rental citizenry of association that may accept been priced out of buying. I acclaim that renters who are able to acquirement do so with a four- to five-year affairs horizon.”
Markets with the accomplished allotment on residential rental backdrop Amid all 461 counties analyzed the boilerplate abeyant anniversary gross rental crop for homes purchased in February 2015 was 9.34 percent. The anniversary gross rental crop is affected by annualizing the rental assets and adding that aggregate into the acquirement aggregate of the property.
Markets with the accomplished abeyant anniversary gross rental yields for homes purchased in February 2015 were Baltimore City, Maryland (24.82 percent), Clayton County, Georgia in the Atlanta busline breadth (24.26 percent), Wayne County, Michigan in the Detroit busline breadth (21.08 percent), Pasco County, Florida in the Tampa-St. Petersburg busline breadth (19.20 percent), and Trumbull County, Ohio in the Youngstown busline breadth (18.36 percent).
Markets with everyman allotment on residential rental backdrop Markets with the everyman abeyant anniversary gross rental yields for homes purchased in February 2015 were New York County/Manhattan, New York (2.34 percent), San Francisco County, California (3.20 percent), Kings County/Brooklyn, New York (3.63 percent), Marin County, California in the San Francisco busline breadth (3.84 percent), and Williamson County, Tennessee in the Nashville busline breadth (3.89 percent).
58 arising rental markets on the acceleration Amid the 461 counties analyzed nationwide, the boilerplate abeyant anniversary gross rental crop was bottomward 42 base credibility for backdrop purchased in February 2015 compared to backdrop purchased a year ago.
There were still 115 counties breadth abeyant anniversary gross rental yields added compared to a year ago, and amid those there were 58 counties that additionally saw ascent rental rates, ascent home prices and ascent boilerplate account wages.
Among the 58 counties with the aggregate of ascent rental returns, ascent rental rates, ascent home prices and ascent wages, those with the better access in rental allotment were Douglas County, Oregon in the Roseburg busline breadth (potential rental allotment added 119 base credibility from a year ago), Linn County, Iowa in the Cedar Rapids busline breadth (109 base point increase), Henderson County, North Carolina in the Asheville busline breadth (109 base point increase), Kendall County, Illinois in the Chicago busline breadth (89 base point increase), and Sussex County, Delaware in the Seaford busline breadth (80 base point increase).
Other markets amid the 58 counties included Cook County, Illinois in the Chicago busline breadth (43 base credibility increase), King County, Washington in the Seattle busline breadth (12 base point increase), the Long Island, New York counties of Suffolk (49 base point increase) and Nassau (24 base point increase) and Wake County, North Carolina in the Raleigh busline breadth (30 base point increase).
“With the bread-and-butter bang that Seattle is experiencing appropriate now — abnormally in the tech area – this is a abundant time for rental investors. Our admonition to them is to acquirement backdrop that are in adjacency to some of our added acknowledged businesses, like Amazon and Microsoft, and the all-encompassing tech hub in city Seattle breadth companies like Facebook, Apple, and Google accept all set up offices,” said OB Jacobi, admiral of Windermere Absolute Estate, accoutrement the Seattle market, breadth anniversary gross yields on rentals ambit from 6 percent to 10 percent. “With almanac numbers of bodies accepted to backpack to Seattle over the abutting bristles years, it stands to acumen that rental backdrop will abide to be a complete best for investors.”
“Buying distinct ancestors homes as rental backdrop in Southern California is aloof for those that accept a actual specific advance strategy,” said Chris Pollinger, chief carnality admiral of sales with Aboriginal Team Absolute Estate, accoutrement the Southern California market, breadth anniversary gross yields on rentals ambit from beneath than 5 percent in Orange Canton to about 9 percent in the civil San Bernardino County.
Methodology For this report, RealtyTrac looked at all U.S. counties with a citizenry of 100,000 or added and with acceptable home aggregate and rental aggregate data. Rental allotment were affected application anniversary gross rental yields: the 2015 boilerplate fair bazaar hire of three-bedroom homes in anniversary canton from the U.S. Department of Apartment and Urban Development (HUD), annualized, and disconnected by the boilerplate sales aggregate of residential backdrop in anniversary county.
RealtyTrac additionally congenital boilerplate account allowance abstracts and unemployment ante from the Bureau of Labor Statistics and demographic abstracts from the U.S. Census into the report.
Estimated home acquittal aggregate was fabricated bold a 10 percent bottomward payment, an absorption aggregate of 3.7 percent on a 30-year anchored loan, and acreage tax and allowance accretion 1.39 percent of the absolute boilerplate sales price. An added 1 percent of absolute accommodation aggregate was affected for clandestine mortgage insurance.
Report License This RealtyTrac address is the aftereffect of a proprietary appraisal of advice aggregate by RealtyTrac; the address and any of the advice in accomplished or in allotment can alone be quoted, copied, published, re-published, broadcast and/or re-distributed or acclimated in any address if the user accurately references RealtyTrac as the antecedent for said address and/or any of the advice set alternating aural the report.
Data Licensing and Custom Address Order Investors, businesses and government institutions can acquaintance RealtyTrac to authorization aggregate foreclosure and adjacency abstracts or acquirement customized reports. For added advice amuse acquaintance our Abstracts Licensing Department at 800.462.5193 or firstname.lastname@example.org.
About RealtyTrac RealtyTrac is a arch supplier of U.S. absolute acreage data, with civic parcel-level annal for added than 130 actor U.S. accoutrements that accommodate acreage characteristics, tax adjudicator data, sales and mortgage accomplishment records, default, foreclosure, auction, and Automated Valuation Models (AVMs) alternating with added than 45 key bounded and adjacency dynamics for residential backdrop civic via its subsidiary, Homefacts.com. RealtyTrac’s apartment abstracts is relied on by the Federal Reserve, U.S. Treasury Department, HUD, abundant accompaniment apartment and cyberbanking departments, advance funds as able-bodied as millions of absolute acreage professionals and consumers, to advice appraise apartment trends and accomplish abreast decisions about absolute estate.
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