Atlanta, GA: Atlanta is home to the 18th ranked school Emory University and in June 2011 the median list price was $159,600 down 13.68% since June 2010 and lower than the national median list price of $189,900. It was also the 8th most searched market in June 2011 on Realtor.com. The average rental rates for a 2 bedroom unit were $1,236 and $1,485 for a three or more bedroom unit in June 2011. These rent prices are both higher than a mortgage payment of around $650 for a median-priced home with a 20% down payment and current mortgage rates for a 30-year fixed loan.
Agent Karen Smyth explained, “We’ve had a lot of success with parents of Georgia Tech students who are purchasing condos for their children who attend school. Most of the time the parents pay cash for the units, in in-town Atlanta, and are only left with the monthly homeowner dues. The system works well because the student is often also on the deed/mortgage and can build up their credit by the time they graduate.”