If you are still renting an apartment, house or condo in Atlanta, it is time to think about buying Atlanta real estate. Yes, I know, you have heard that before, but the time is now. According to a new report from Deutsche Bank, it is cheaper to buy a home in Atlanta than it is to rent! Atlanta makes the list of the top 10 cities with the most affordable homes.
Take these two statistics into consideration:
- Percentage of rent as an after tax mortgage payment: 151.2%
- Median home price change from 2006-2010: -33.2%
You may be shocked to find out that the average monthly rent in Atlanta is actually about 50% more than the average after-tax mortgage payment. It is time to wake up and smell the coffee if you are still renting! Or maybe it is the smell of savings? Prices on new homes in Atlanta continue to fall, not to mention that there is tremendous foreclosure inventory available.
A CNN Money article sums it up well by asking, “When will those Atlanta renters recognize the clearance sale going on all around them?”
(Deutsche Bank’s study measures affordability in two ways: the share of income that Americans are paying to own a home, and the cost of owning vs. renting.)