New report shows renting beats buying in Des Moines
It's cheaper to rent a three-bedroom property in the majority of the Des Moines metro than it is to buy a median-priced home, according to a new report by real estate database company ATTOM.
Why it matters: While home prices in Des Moines are more stable than many parts of the U.S., the metro's median price is continuing to rise.
By the numbers: The median sales price of homes in the Des Moines area was around $252,000 in November 2021, compared to $215,000 in 2020, according to the Des Moines Area Association of Realtors.
- Meanwhile, the estimated monthly rent for a 3-bedroom in the metro for 2022 is $1,363, according to ATTOM.
Yes, but: While renting makes more sense in big metropolitan areas like Polk, Dallas and Story, homeownership wins in the rural and suburban areas that make up most of the state, where property prices are lower.
The bottom line: Everyone's situation is different, market conditions change all the time, and all real estate is local, so studies like these are more of an interesting reference point than a buyer's guide.
Go deeper: Home sellers reaped record profits in 2020
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