When it comes to ranking America’s cities, Forbes seems to be king. They have so many lists from best places for singles to best Relovilles, and, on the plus side, Atlanta tends to make it on most every one of these lists. So, it’s pretty exciting when we find a ranking not from a source other than Forbes in which Atlanta gets recognition because it increases the validity of the Forbes claims. Well, the new list we found is “America’s Cheapest Homeownership Markets,” and it comes from BusinessWeek. It is actually a great article that points out 20 markets from across the nation where it can be just as cheap to buy a home as it is to rent a home – Atlanta was named number 16.
According to the statistics from BusinessWeek, the average annual cost of renting a home in the metro Atlanta area is $8,988 and the average annual cost to own a home is $12,313. This a difference of less than $3,500 over the span of 12 months, bringing the monthly difference in price to only $300. Now, this average does not take into account all of the incentives and promotions that builders are currently offering, plus the $8,000 home buyer tax credit, meaning your mortgage payments could be the same or even less than your current monthly rent. If it is just as affordable to own a home as it is to rent, what is stopping you?
There are so many reasons to buy a home versus renting, and here are some of the most appealing:
- Tax breaks (you can deduct your interest and other costs associated with owning a home on your yearly taxes)
- Build wealth/equity (many economists say owning a home is one of the best ways to build your personal wealth)
- Appreciation (especially considering how low home prices are now)
- Freedom (you can decorate your home however you want and have as many pets as you want)
It’s time to stop throwing money away on rent and begin investing in Atlanta real estate to build your wealth.