An online apartment locator and rental advisement service ranks Oregon first among states where it may be more affordable to rent than buying a home.
In its analysis, ApartmentGuide.com looked at every state’s housing market trends from the first quarter of 2019, and the same period from the year before.
In Oregon’s case, house prices climbed 4 percent, while rent prices for 1-bedroom apartments fell nearly 18 percent.
ApartmentGuide’s managing editor, Brian Carberry, says that gave Oregon the widest gap.
“And you are going to find markets within the state I’m sure, where the trend is different. Eugene itself actually did see prices increase for one-bedroom apartments by almost 8 percent. So it’s not going to be in every city, but as the whole state, you’re going to see this trend.”
Carberry adds one advantage to buying a home is that you can lock in your mortgage, whereas apartment rent can always increase.
Maryland saw hardly any fluctuation in its rent and buying percentages. West Virginia saw the highest home price increase, with 22 percent.
Copyright 2019, KLCC.