It’s cheaper to buy than rent in Atlanta

Among the 40 counties across the country with more than 1 million residents, only three had housing markets where it was still cheaper to buy a home than rent one: Wayne County (Detroit), Mich.

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GOBankingRates found that despite rising home prices throughout the state, it is more affordable to own a home than renting a single-family home in Georgia. The average monthly rent in Georgia is $1,214 while the monthly mortgage payment is $1,122.

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When to Rent vs. Buy. As a renter, by contrast, you’ll likely just have to pay an application fee, fork over a broker’s fee and make a refundable security deposit of a few months’ rent. On the other hand, if you plan on staying put for 50 years, renting could be more expensive than buying over that time frame.

But it turns out it’s actually cheaper to pay a monthly mortgage than rent in 42 states. Renting is a better bargain financially in just eight states plus the District of Columbia, according to the personal finance website GOBankingRates.com. Check out a state-by-state comparison below. It’s fun to see which is cheaper in your state.

I am thinking to buy rental properties in Atlanta, but don’t know which area is the best for my investment purpose. Thanks. Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

In fact, according to a recent Zillow survey, more than. to buy their home – equal to a request for an offer every two minutes. Zillow® is transforming how people buy, sell, rent and finance.

A new study by the urban institute finds that in 17 metropolitan areas, it’s actually cheaper to bite the bullet and buy a house than to rent one. By looking at the median income reported in each.

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