Can you save more by buying a home than by renting?
Are you still renting in order to save money? Even after everything you’ve heard about how great this current Atlanta real estate market is for buyers? Okay, well, let’s think about this rent or buy question.
Maybe you’ve got a good reason for renting instead of buying your housing. I mean, if you are renting because your job moves you around a lot, or you just haven’t decided where you want to spend the next five years or so, well that’s one thing. We understand.
But if you’re still renting because you think it’s saving you money versus home ownership, you might want to rethink that one. Since rents are rising annually in the Atlanta real estate market, just as in most American markets (as opposed to a fixed mortgage payment), and your rental payment is not contributing anything to your own personal wealth, you might not be saving nearly as much as you think.
In fact, RISMEDIA, a daily real estate industry trade
You might actually be robbing your own long-term piggy bank, rather than saving by renting.publication, today reported that renters spend more on housing -- five percent more of their household budgets on housing costs than do homeowners, and the difference is growing as rents rise. According to the latest reports from the trend-watching CoreLogic organization, homeowners expenditures for housing have risen from 31.9 percent to 33.2 percent of the4ri household budget since 2005. But renters’ cost have risen even more, from 35.6 percent to 38,4 percent.
So, it looks like Atlanta home buyers save money by BUYING. Something to think about, is’nt it?
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