The price of rental homes in the Reno-Sparks has risen steadily since 2012. Average rentals in the Reno-Sparks area are $1450-$1475 per month. Rental prices in Reno-Sparks are above national average. Why is this? Simple economics – Supply and Demand. If you are looking to rent in the Reno-Sparks market Dickson Realty Rentals offers this service. If you are looking to leave the rental market and purchase in the Reno-Sparks area the Shocket Team can help. Reno-SparksRealEstate.com #shocketteam
The above graphs are from Zillow.com.
According to ATTOM Data Solutions’ 2017 Rental Affordability Report, buying a home is more affordable than renting in 354 of the 540 U.S. counties they analyzed.
The report found that “making monthly house payments on a median-priced home — including mortgage, property taxes and insurance — is more affordable than the fair market rent on a three-bedroom property in 354 of the 540 counties analyzed in the report (66 percent).”
For the report, ATTOM Data Solutions compared recently released fair market rent data from the Department of Housing and Urban Development with reported income amounts from the Department of Labor and Statistics to determine the percentage of income that a family would have to spend on their monthly housing cost (rent or mortgage payments).
Rents have been surging faster than home prices in about 37% of the markets measured. Daren Blomquist, Senior Vice President of ATTOM Data Solutions warns that rising interest rates could be the tipping point of affordability:
“While buying continues to be more affordable than renting in the majority of U.S. markets, that equation could change quickly if mortgage rates keep rising in 2017. In that scenario, renters who have not yet made the leap to home ownership will find it even more difficult to make that leap this year.”