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When it comes down to the numbers, it’s generally more affordable to own a home, but the gap in affordability is shrinking as interest rates rise, according to ATTOM, a real estate data tracker. Owning the median-priced home is more affordable than the average rent on a three-bedroom home in 58% of the country, ATTOM reported in January.
To be sure, affordability is an issue for many. Fully 64% of nonhomeowners said it’s holding them back from owning a home, including 43% who believe their income levels are not high enough, a Bankrate survey found. High home prices and the inability to swing a down payment and/or closing costs were also constraining buyers.