Atlanta Leads Metros Where Renting Is Cheaper Than Buying A Home

According to a recent study, the metropolitan Atlanta area leads the nation in cities where it is cheaper to rent rather than buy a home.

The data, compiled in Realtor.com’s June 22 report, shows that the trend of higher home prices has flipped from what it was just a year ago.

“Eight of the top 50 metros flipped from having monthly buy costs lower than monthly rent costs in 2021 to having monthly rent costs lower than monthly buy costs in 2022, and one metro flipped from favoring renting to favoring buying since last year,” the report says.

Why Is Renting Cheaper Than Buying a Home Right Now?

The report indicates that interest rates, which recently eclipsed the 5% mark, are a major factor in putting homeownership out of the reach of many people.

Due to recent actions of the Federal Reserve, the average 30-year fixed mortgage rate was 5.52% in June 2022. Just five months ago in January, that figure was 3.45%.

Let’s look at the metro areas where it is cheaper to rent than buy a home, according to Realtor.com.

Cheapest Metro Areas For Renting Vs. Buying A Home

Metro	Overall Median Rent	Overall Rent YY	Studio Median Rent	Studio Rent YY	1-br Median Rent	1-br Rent YY	2-br Median Rent	2-br Rent YY
Atlanta-Sandy Springs-Roswell, GA	$1,858	10.8%	$1,718	14.6%	$1,731	11.4%	$2,065	9.4%
Austin-Round Rock, TX	$1,864	19.6%	$1,534	22.8%	$1,720	23.5%	$2,050	17.0%
Baltimore-Columbia-Towson, MD	$1,820	9.6%	$1,451	2.6%	$1,716	9.2%	$1,940	10.2%
Birmingham-Hoover, AL	$1,278	9.8%	$982	-3.8%	$1,186	8.5%	$1,343	11.5%
Boston-Cambridge-Newton, MA-NH	$2,966	23.6%	$2,499	24.3%	$2,757	19.9%	$3,305	25.6%
Buffalo-Cheektowaga-Niagara Falls, NY	$1,345	10.0%	$1,125	2.7%	$1,195	8.7%	$1,495	8.9%
Charlotte-Concord-Gastonia, NC-SC	$1,752	18.4%	$1,619	20.9%	$1,659	19.4%	$1,880	12.1%
Chicago-Naperville-Elgin, IL-IN-WI	$2,000	14.3%	$1,700	25.9%	$1,960	15.3%	$2,200	12.5%
Cincinnati, OH-KY-IN	$1,499	9.1%	$1,200	10.6%	$1,438	9.3%	$1,626	5.8%
Cleveland-Elyria, OH	$1,432	12.1%	$948	6.8%	$1,317	8.6%	$1,593	16.5%

How To Rent An Apartment In Atlanta Right Now

Atlanta’s rental market has not been for the faint of heart lately. Prices have shot upward over the past 12 months, but there are signs we could see some relief soon.

If you’re looking for an apartment right now, the first thing you need to do is make sure you have a firm budget for rent.

Don’t get misled by amenities are how large the apartment is, get what you can afford.

For example, if your monthly income is $3,000, your monthly rent should be around $1,000.

Typically, you will also need to have the first and last month’s rent. So if you’re renting a $1,000-a-month apartment, you will need to set aside an entire month of income to get the key.

Here’s how to get an apartment for cheap.