In many markets across the country it is less expensive to rent a house than it is to buy these days. According to research conducted by Wall Street analysts Zelman & Associates, if one were to purchase a house at the average sales price (approximately $170,983 today) with the minimum down payment, assuming the buyer is in the 15% federal tax bracket, this buyer’s monthly cost to own is $1171 to $1280 per month (depending on the mortgage FHA vs. Conventional). The average cost to rent the same house is only $1004 per month. However, the average home price in Metro Atlanta is only $111,300. The average rent for this Atlanta house would be $808 but the monthly payment would only be about $689. Conclusion – it’s a good time to buy a house in Atlanta.
Blog Written By: Mike Nelson, President/Broker, Excalibur Home Management, LLC and Excalibur Realty, LLC
