Daren Blomquist

speaker

110 appearances 2 recordings 1 series first heard Jan 2018 last heard Jan 2018

Daren Blomquist’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Buying a Home More Affordable Than Renting in Most Markets · 15 Jan 2018 podcast

That will hurt the affordability on that side of the equation.

And then there's not a lot of new inventory being built, although I think we will see maybe some more inventory come online, enough inventory to kind of give some relief maybe by the end of this year.

But really then the only other source of relief would be an economy that actually produces rising wages in greater, bigger numbers.

And that's the wild card here.

If wages do start to rise at a faster pace, and they have been, that could ease this affordability issue, this crisis really, this year.

Well, this is actually based on a couple of data sources.

The home price data is actually from our publicly recorded database of sales deeds.

So it's actually not a survey.

It's directly based on homes that sold in the fourth quarter and looking at the median home price data.

And then for wages, we looked at data from the Bureau of Labor Statistics, the data they put out at the county level, average weekly wages.

And then for rents, we looked at the average fair market rents for 2018 that the U.S.

Department of Housing and Urban Development has released, looking at what they believe fair market rents are going to be in 2018 by county across the country.

And when we're calculating the home – buying a home –

what we're taking into account is that we're calculating the monthly mortgage payment you'd have to make.

And then we're also adding in property taxes and property insurance, because that's part of what you have to pay as a homeowner that you don't have to pay as a renter.

And that's factored into this equation.

Well, when we look actually at the

The top nine counties in the country in terms of population are all more affordable to rent than to buy.

So we look at Los Angeles, Cook County, Illinois, which is Chicago, Harris County, Texas, Houston, Maricopa County, Arizona, which is Phoenix, San Diego, and Orange County is in California, Miami-Dade County in Florida, Kings County in New York, and that's Brooklyn.

Those are all some of the top more affordable to rent and to buy.

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