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Yes, you read that correctly. In some markets, one needs a higher FICO credit score to rent than to buy a home, according to the resident screening service RentGrow. On a nationwide basis, the average credit score required to rent an apartment for all building types (high-end, midlevel, and low-end) was 650. For all building types, those with a score of 538 and below were generally rejected.
This “Twilight Zone” situation is especially true in the country’s hottest rental markets — Seattle, Boston, and San Francisco — all of which require, on average, a credit scored over 700 to rent. As you’ll see, the average credit scores required to rent in these markets are actually below the 580 required to qualify for a mortgage loan from the Federal Housing Administration.
– Seattle – 711
– Boston – 737
– San Francisco – 724
Want to see more? Check out the Top 10 cities with the highest average approved credit scores for renting in 2017.
This strange situation highlights one obvious point: rent prices are soaring. It also beautifully illustrates something we all already know to be true: buying a home is a better investment than renting. According to a study in Trulia, it is buying is 23% cheaper than renting nationally. In 98 of the country’s top 100 housing markets, buying is cheaper than renting.
Punctual Abstract serves lenders, title agents, and abstractors nationwide from our office in Harvey, LA. With knowledgeable abstractors and advanced technology, we typically provide polished abstracts within a 24 to 48-hour timeframe.
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