Boston Real Estate for Sale

Homeownership remains cheaper than renting in majority of U.S.

by Emily Mack January 07, 2022

homeownership still more affordable than renting.jpg

Although home prices skyrocketed last year — more than 10% in most of the country — low interest rates have continued to facilitate homeownership. Combined with rising wages, homeownership remains a cheaper option than renting in the majority of areas, according to a new study by ATTOM Data Solutions. ATTOM came to the same conclusion in 2021.

The real estate data firm tracked three key features across 1,154 U.S. counties: 2022 fair market rent data estimates, single-family home public record sales deed data and wage data. Among those counties, the costs of rent outweighed the costs of owning a median-priced home in 58%.

These results may come as a surprise to those following the real estate market. Over the past year, limited housing inventory, heightened by the ongoing COVID-19 pandemic, drove prices up and up. But wages also rose 8% on average and interest rates have hovered around 3%. “Home-prices are rising faster than both rents and wages while wages rise faster than rents. And the housing market boom of the past decade keeps pushing home values to new records,” said Todd Teta, the chief product officer with ATTOM. “Yet home ownership still remains the more affordable option for average workers in a majority of the country because it still takes up a smaller portion of their pay.”

In general, however, patterns are trending in favor of renters. According to Teta, this “could be a major force in easing price increases in 2022. Prices can only go up by so much more before renting becomes financially easier.” During 2021, wage growth outpaced rent growth in the majority of markets. As such, renting is the cheaper option in 21 of the country’s 25 most populous counties. This includes major metropolitan areas like Chicago, Los Angeles and Phoenix. The most affordable rental markets are in the South and the Midwest.

In turn, owning is most affordable in less-populated places — though Houston’s Harris County stands as one notable exception. Like rents, the most-affordable home ownership markets are also in the South and the Midwest.

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Renting Versus Buying A Back Bay Condo

Pride in Owning Bay Bay condo: 

Most people buy Back Bay condo for sale to have control over where they live. Although investment features are important, the psychological reasons for buying— the satisfaction of owning and freedom from paying rent—are at least as important.

In a survey done by the National Association of REALTORS® of 6,000 homeowners and 2,000 renders—perhaps the largest survey ever of attitudes toward home ownership—it was shown that 76% of owners and 66% of renters considered pride of ownership an important reason for buying.

Dislike Paying Rent:

Close to 7 in 10 of almost equal portions of owners and renters expresses a dislike of paying rent as an important reason to buy. Renting offers a lifestyle that’s nearly maintenance-free. That may appeal to you, but consider that renting offers you no equity, no tax benefit, and no protection against regular rent increases. Writing a rent check is just like watching your hard-earned money sail away!

Settling Down: 

More than 6 in 10 renters said “settling down” was an important reason to buy.

Good Investment: 

76% of owners and 69% of renters said that the investment aspect of ownership was important.

Tax Advantages:

Property taxes and qualified home interests are deductible on Schedule A, for itemized deductions.

Long Term Appreciation:

People consider homeownership a good investment because they view it as a long-term venture. Historically, home prices have risen at relatively steady rates. Existing home prices rose an average of 4% per year between 1980 and 1992.

Leverage Investment:

People borrow a great deal to buy homes, yet they receive the full benefits of price appreciation. In the long run, investments in homes far outpace inflation rates.

Source of Savings:

Homeownership always has been and continues to comprise the single largest source of savings for American households. Homeowners build equity and can borrow against it.

Sacrifices are worth it:

Almost 7 in 10 renters in the National Association of REALTORS® homeownership survey said that they planned to buy a home in the future. More than three-quarters of these people said they were willing to sacrifice to do that.

Back Bay condos for Sale

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1 Results
 
$475,000
Beds: 1
Baths: 1
Sq. Ft.: 315
Type: Condo
 
© 2024 MLS Property Information Network, Inc. (MLSPIN). All rights reserved.
The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third-party sources, including sellers, lessors, landlords, and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, noncommercial use of consumers having a good faith interest in purchasing, leasing, or renting listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing, leasing or renting. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.
MLS PIN data last updated at March 18, 2024 11:33 PM ET

Click here: Back Bay luxury condos for sale and sales data

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126 Results
1
Beds
1
Baths
315
SqFt
 
 
#73191732 | Condo
 
0
Beds
1
Baths
427
SqFt
 
 
#73211962 | Condo
 
1
Beds
1
Baths
525
SqFt
 
 
#73207986 | Condo
 
0
Beds
1
Baths
436
SqFt
 
 
#73210644 | Condo
 
1
Beds
1
Baths
710
SqFt
 
 
#73151225 | Condo
 
1
Beds
1
Baths
685
SqFt
 
 
#73212176 | Condo
 
1
Beds
1
Baths
712
SqFt
(15)
 
 
#73212530 | Condo
 
1
Beds
1
Baths
923
SqFt
 
 
#73208961 | Condo
 
1
Beds
1
Baths
690
SqFt
(16)
 
 
#73209697 | Condo
 
2
Beds
1
Baths
912
SqFt
(20)
 
 
#73209445 | Condo
 
0
Beds
1
Baths
388
SqFt
 
 
#73200262 | Condo
 
1
Beds
1
Baths
797
SqFt
 
 
#73204934 | Condo
 
2
Beds
1
Baths
850
SqFt
 
 
#73203820 | Condo
 
1
Beds
1
Baths
690
SqFt
(25)
 
 
#73211924 | Condo
 
1
Beds
1
Baths
761
SqFt
 
 
#73202083 | Condo
 
2
Beds
2
Baths
850
SqFt
 
 
#73210631 | Condo
 
2
Beds
1
Baths
796
SqFt
 
 
#73207278 | Condo
 
1
Beds
1 | 1
Baths
837
SqFt
 
 
#73186709 | Condo
 
1
Beds
1 | 1
Baths
1,030
SqFt
(16)
 
 
#73204362 | Condo
 
2
Beds
1
Baths
970
SqFt
(21)
 
 
#73206940 | Condo
 
1
Beds
1
Baths
795
SqFt
 
 
#73207314 | Condo
 
1
Beds
1
Baths
725
SqFt
(20)
 
 
#73154825 | Condo
 
2
Beds
1
Baths
875
SqFt
 
 
#73194826 | Condo
 
2
Beds
2
Baths
1,367
SqFt
 
 
#73211864 | Condo
 
2
Beds
2
Baths
1,171
SqFt
 
 
#73210843 | Condo
 
1
Beds
1
Baths
810
SqFt
 
 
#73192634 | Condo
 
1
Beds
1 | 1
Baths
1,035
SqFt
 
 
#73137705 | Condo
 
1
Beds
1
Baths
850
SqFt
 
 
#73160596 | Condo
 
2
Beds
2
Baths
1,127
SqFt
 
 
#73158152 | Condo
 
1
Beds
1
Baths
888
SqFt
 
 
#73198720 | Condo
 
0
Beds
1
Baths
563
SqFt
 
 
#73198388 | Condo
 
2
Beds
2
Baths
913
SqFt
 
 
#73204789 | Condo
 
3
Beds
2
Baths
1,175
SqFt
 
 
#73192732 | Condo
 
2
Beds
2
Baths
1,285
SqFt
 
 
#73205072 | Condo
 
1
Beds
1 | 1
Baths
967
SqFt
 
 
#73213424 | Condo
 
2
Beds
2
Baths
1,095
SqFt
(24)
 
 
#73208289 | Condo
 
2
Beds
2
Baths
1,439
SqFt
 
 
#73191690 | Condo
 
2
Beds
1 | 1
Baths
1,221
SqFt
 
 
#73117843 | Condo
 
3
Beds
2 | 1
Baths
1,652
SqFt
 
 
#73192228 | Condo
 
2
Beds
2
Baths
1,286
SqFt
 
 
#73210016 | Condo
 
0
Beds
1
Baths
687
SqFt
 
 
#73200285 | Condo
 
1
Beds
2
Baths
1,393
SqFt
 
 
#73121444 | Condo
 
2
Beds
2
Baths
1,235
SqFt
 
 
#73180605 | Condo
 
3
Beds
2 | 1
Baths
1,660
SqFt
 
 
#73169575 | Condo
 
2
Beds
2
Baths
1,733
SqFt
 
 
#73210692 | Condo
 
1
Beds
2
Baths
1,134
SqFt
 
 
#73193257 | Condo
 
1
Beds
1 | 1
Baths
897
SqFt
 
 
#73129938 | Condo
 
2
Beds
2
Baths
1,125
SqFt
 
 
#73210788 | Condo
 
2
Beds
2
Baths
1,780
SqFt
 
 
#73206939 | Condo
 
3
Beds
2 | 1
Baths
1,839
SqFt
 
 
#73211889 | Condo
 
2
Beds
2
Baths
1,696
SqFt
 
 
#73208513 | Condo
 
2
Beds
2
Baths
1,171
SqFt
(21)
 
 
#73209799 | Condo
 
2
Beds
2
Baths
1,480
SqFt
 
 
#73176072 | Condo
 
2
Beds
2
Baths
1,344
SqFt
 
 
#73157550 | Condo
 
2
Beds
2
Baths
1,588
SqFt
 
 
#73114716 | Condo
 
2
Beds
2
Baths
1,344
SqFt
(18)
 
 
#73210770 | Condo
 
2
Beds
2 | 1
Baths
1,840
SqFt
 
 
#73194009 | Condo
 
2
Beds
2
Baths
1,550
SqFt
 
 
#73177854 | Condo
 
2
Beds
2
Baths
1,124
SqFt
 
 
#73213318 | Condo
 
3
Beds
2 | 1
Baths
2,330
SqFt
 
 
#73209731 | Condo
 
3
Beds
2 | 1
Baths
2,220
SqFt
(31)
 
 
#73090036 | Condo
 
2
Beds
2
Baths
1,400
SqFt
 
 
#73207197 | Condo
 
2
Beds
2 | 1
Baths
2,100
SqFt
(29)
 
 
#73203781 | Condo
 
2
Beds
2
Baths
1,337
SqFt
(32)
 
 
#73197831 | Condo
 
2
Beds
2 | 1
Baths
1,625
SqFt
 
 
#73129244 | Condo
 
3
Beds
2
Baths
1,445
SqFt
 
 
#73192691 | Condo
 
3
Beds
3
Baths
2,022
SqFt
 
 
#73168563 | Condo
 
2
Beds
2 | 1
Baths
1,794
SqFt
 
 
#73136276 | Condo
 
1
Beds
1 | 1
Baths
1,150
SqFt
(29)
 
 
#73189770 | Condo
 
2
Beds
2 | 1
Baths
1,589
SqFt
 
 
#73142792 | Condo
 
3
Beds
2 | 1
Baths
2,220
SqFt
(32)
 
 
#73180090 | Condo
 
3
Beds
2 | 1
Baths
1,860
SqFt
 
 
#73172439 | Condo
 
2
Beds
2 | 1
Baths
1,589
SqFt
 
 
#73203883 | Condo
 
2
Beds
2
Baths
1,879
SqFt
 
 
#73195370 | Condo
 
2
Beds
2 | 1
Baths
1,363
SqFt
 
 
#73207992 | Condo
 
2
Beds
2
Baths
2,049
SqFt
 
 
#73204094 | Condo
 
2
Beds
2 | 1
Baths
2,077
SqFt
 
 
#73205020 | Condo
 
2
Beds
2 | 1
Baths
1,292
SqFt
 
 
#73200083 | Condo
 
3
Beds
3
Baths
2,124
SqFt
 
 
#73213080 | Condo
 
3
Beds
4 | 1
Baths
2,479
SqFt
 
 
#73155844 | Condo
 
3
Beds
3
Baths
2,702
SqFt
 
 
#73125679 | Condo
 
2
Beds
2
Baths
1,288
SqFt
(40)
 
 
#73167672 | Condo
 
3
Beds
2 | 1
Baths
1,886
SqFt
 
 
#73197686 | Condo
 
2
Beds
2 | 1
Baths
1,524
SqFt
 
 
#73202685 | Condo
 
2
Beds
2 | 1
Baths
1,407
SqFt
(22)
 
 
#73145253 | Condo
 
2
Beds
2 | 1
Baths
2,521
SqFt
 
 
#73203761 | Condo
 
3
Beds
2 | 1
Baths
2,877
SqFt
 
 
#73191693 | Condo
 
4
Beds
4
Baths
3,200
SqFt
 
 
#73208217 | Condo
 
5
Beds
4 | 1
Baths
3,247
SqFt
 
 
#73208219 | Condo
 
3
Beds
2 | 1
Baths
3,003
SqFt
 
 
#73155249 | Condo
 
© 2024 MLS Property Information Network, Inc. (MLSPIN). All rights reserved.
The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third-party sources, including sellers, lessors, landlords, and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, noncommercial use of consumers having a good faith interest in purchasing, leasing, or renting listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing, leasing or renting. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.
MLS PIN data last updated at March 18, 2024 11:33 PM ET

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