Buying is Now Cheaper than Renting in Georgia

As the cost of renting is increasing, it gets easier to decide whether it’s a smarter choice to buy or rent. A new study indicates that buying is now 26.3% cheaper in the United States, with a traditional 30-year fixed rate mortgage. It indicates that 98 out of 100 United States housing markets buying is more affordable.

According to Trulia’s data, it’s no shocker that renting comes out best in two areas: San Jose and San Francisco, California. In contrast, in most places buying is still expressively better financial proposition.

Is Buying a Home cheaper than Renting in Georgia?

Atlanta posted an 11.6% increase in home values, trailing only San Jose. But Atlanta is also where buying saves the most over renting – 36.1% over seven years. Although Atlanta home values have gone up considerably, the median remains relatively low – just over $209,235. Change in median Rent is 1.3%, buying makes more sense.

Of course, what is not really mentioned in the study is that paying rent and paying mortgage are not equal things. When you pay rent, it entitles you to stay in a place. However, when you pay a mortgage, not only do you stay in a place, but also grants you ownership of your home.

So, buying is cheaper than renting in Atlanta. When you buy a home, it is a good investment. Your cost is predictable and more stable than renting because they’re ideally based on a fixed-rate mortgage. Homes typically increase in value, which build equity. Homeowners receive various tax benefits and gain control over their space as they can make modifications without permission.

If you have any questions, please don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon!