Buying cheaper than renting in us

Low supply is making US property less affordable for renters, according to Zillow.

Renters can now expect to spend 30.1 per cent of their income on rent, the site's research reveals, compared to home buyers, who now spend 15.3 per cent of their income on a morgage payment.

Affordability is worst in fast growing cities, adds Zillow, because the population has grown too quickly for supply to be able to keep up. The site's rental index is up 3.4 per cent year-on-year to $1,355 per month, while its property price index is up 4.9 per cent to £178,000.