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New report says buying a home is more affordable than renting in most parts of Northeast Ohio

Posted at 9:02 AM, Jan 09, 2020
and last updated 2020-01-09 18:39:41-05

CLEVELAND — Across the country, many homes are unaffordable. But if you're thinking of buying a house in Northeast Ohio - now's the time.

A new report out Thursday finds buying a home is still more affordable than renting in most parts of Northeast Ohio. The report found that while renting isn't the cheaper option, it's still more affordable in NEO compared to most parts of the country.

The report was put together by Attom Data Solutions.

It looked at more than 800 counties in the U.S., comparing the average cost of 3-bedroom rental to the average cost of buying a 3-bedroom home.

Cuyahoga County was in the top seven for most affordable renting in the U.S.

At about $1200 a month, around 25% of a person's weekly salary is spent on rent. But overall, the report says buying in Cuyahoga county is still cheaper with the average mortgage being around $880 a month.

Similar results were found in Erie, Huron, Lorain, Lake, Summit, and Stark counties. However, fewer homes are becoming available.

"Therefore the prices are gonna start rocketing up again, and it started last year,” Judy Darwal, a Re/Max realtor, said.

"Some people are getting 6 to 8, 10 offers. It's insane," she said.

The report found the opposite in Medina, Geauga, and Portage counties where it's cheaper to rent than own. The same goes for the city of Columbus.

And one of the most affordable rental markets overall in the U.S. is in Greene county, just outside of Dayton.

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