Study: Cheaper to buy a home in the Valley than rent - WFMJ.com News weather sports for Youngstown-Warren Ohio

Study: Cheaper to buy a home in the Valley than rent

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One of the only constants in the housing market- things will always change in the housing market. 

When is a good time to sell? Is refinancing a viable option? Is it better to buy or rent?  Those are just a few of the questions that continue to astound would-be homeowners. 

A new study, suggests that for two-thirds of the country- it's cheaper to rent a home than it is to buy. But not if you live in the Mahoning Valley. 

ATTOM Data Solutions, a real estate multi-sourced property database, which gathers data on the housing market, released a new study Thursday on the affordability of the housing market for 2018. 

The study takes aim at finding which markets have homes that are cheaper to rent and which are cheaper to buy in. 

According to the study, in much of the nation, nearly 64 percent, renting has become the cheaper option. 

In markets where more than 1 million people live, 76 percent of counties have homes or apartments that are cheaper to rent. 

However, according to the study, for those looking for a new place to live it is cheaper to buy in the Youngstown-Warren area. 

According to ATTOM, the average rent for a three bedroom property in the Youngstown/Warren/Boardman area is more than $950 a month. 

Using data from the Bureau of Labor, the average weekly wage for an employee in the Valley is approximately $736. With the average rent, ATTOM predicts renters in the Valley will pay nearly 30 percent of their wages. 

Meanwhile, a three-bedroom room at the median market price of $70,000, according to the study, costs consumers less than 17 percent of their wages. 

The trend in the Valley is against the statewide market- which has some of the most affordable markets for renting. 

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