Should You Buy or Rent in the Atlanta Market?

Should you rent or buy a home in the city this year? Atlanta real estate market trends show a rise of 7% in house sales during 2016, even though the average price of square foot increased from $174 to $192. So what are the factors that attract people to choose buying over renting?

It Is Cheaper to Buy Than to Rent

buy or rent a home?In the current economic climate of uncertainty and job insecurity, meeting monthly payments has become a major point to consider for many people when making big decisions. A study by ATTOM Data Solutions shows that buying is the more affordable option both nationwide and locally. The data for most metro counties indicate that renting is more expensive than owning a property, and in some counties rents are higher than 40% of average incomes.

Long Term Benefits of Home Ownership

If you can regularly make mortgage payments, the rising prices of Atlanta properties may bring you capital growth in the long run. As the suburban areas keep developing, this rise in the value of homes is expected to continue at least until 2020 at a rate of 5% per year. Recently built amenities and new job opportunities in the outer suburbs have made these areas attractive to prospective buyers, and the expected population is likely to continue driving the prices up.

Control Your Budget

Due diligence on different financial products can pay off, and a piece of advice from experienced professional can be valuable. Woodstock’s The Premier Group is an agency made entirely of locals who know the Atlanta real estate market and can offer advice on the right choice of property, whether should you rent or buy a home, and how to evaluate mortgages, which if understood properly can bring long-term savings. Contact us to help you find a property in metro Atlanta.