Tuesday, April 5, 2011

Cheaper to Buy than Rent a Home in Atlanta

The Atlanta real estate market is making a comeback!  If you're renting a house, condo or apartment, now is the time to take advantage of one of the very best times in American history to buy a home and invest in real estate! 

According to a recent article written in Fortune Magazine and an online article in  CNN Money (online) , Atlanta takes the cake with the number one spot in the country where it is cheaper to own vs renting a home.  I love cake.  And I love that we're number one. 

Deutsche Bank does a  study which measures affordability in two ways: the share of income that Americans are paying to own a home, and the cost of owning vs. renting.  They found that in Atlanta, the average monthly rent is about 50% more than the average mortgage payment (after taxes).   The chart featured here shows that rent is 151.2% as a percentage of the average after-tax mortgage payment in our fair and (windy today) city.  A major contributing factor to this surprising nugget of info is that the median home price fell 33.2% in the period from 2006-2010.

The simple truth of the matter is that with a few exceptions, if you stay, you gotta pay.  If you're paying rent, there is no hope to recoup any of the money you've paid over the life of the lease.  Not true for owning.  You will get a return of some sort when you sell.  You may not recoup all of your money, or you may make money- but unlike renting you have something to sell when you're ready to move on.  And now that home prices are so low, and rates are LOW-LOW, it is the perfect time to get your piece of the American Dream Pie. 

The market is coming back.  There is no more land.  Prices are like being at a clearance sale or yard sale (no pun intended).  Contact me if you want to take advantage of this wonderful, historic opportunity


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