There are all sorts of valid reasons for choosing to rent rather than buy a home, and vice versa, but if the decision is made solely on the monthly costs, renting is less expensive in virtually all areas of the D.C. metro, with one exception: Prince George’s County, Maryland.
Attom Data Solutions ran the numbers on home affordability, based on the median price of a home, a 3% down payment, monthly mortgage payment, property taxes and homeowners insurance as a percentage of median wages. It then compared that to fair market rent for a three-bedroom apartment as a percentage of median wages.
Buying is better in Prince George’s County. At least for now.
“The gap is definitely getting narrower. But despite that pattern, renting still consumes 45% of the average local wage in Prince George’s County, versus 40% needed for major homeownership costs,” said Jennifer Von Pohlmann, director of content at Attom Data Solutions.
Click here to read the rest of the article written by Jeff Clabaugh over at WTOP
