Atlanta, especially Fulton County, is among places where it’s most affordable to rent rather than buy a home, according to a new study.
That’s not the case in other areas: Buying a home is more affordable than renting one in most metropolitan counties analyzed in a new survey.
Cheaper To Rent An Atlanta Home, Study Says
Figures from Attom Data Solutions‘ 2020 Rental Affordability Report show that owning a median-priced, three-bedroom home is more affordable than renting a three-bedroom property in 53% of the U.S. counties analyzed for the report.
Among counties with a population of 1 million or more, those most affordable for renting are:
- Allegheny County (Pittsburgh), PA (24.3%)
- Cuyahoga County (Cleveland), OH (25.6%)
- Fulton County (Atlanta), GA (26.2%)
- Oakland County, MI (outside Detroit) (26.6%)
- Wayne County (Detroit), MI (27.5%)
But those areas were the exception. In 455 of the 855 U.S. counties surveyed, the numbers showed that it’s cheaper to buy a home than rent one.
The analysis highlights a split between different-sized markets, with ownership more affordable mainly in lightly populated counties and renting more affordable in more populous suburban or urban areas, the study says.
“Home ownership is a better deal than renting for the average wage earner in a slim majority of U.S. housing markets. However, there are distinct differences between different places, depending on the size and location from core metro areas,” said Todd Teta, chief product officer with ATTOM Data Solutions. “For sure, either buying or renting is a financial stretch or out of reach for individual wage earners throughout most of the country in the current climate. But with interest rates falling, owning a home can still be the more affordable option, even as prices keep rising.”
Last Thought
In 94, or 69%, of the 136 counties in the report that have a population of at least 500,000 or more, renting is more affordable than buying a home.
You may be wondering what it takes to buy a home in Atlanta, as the forecast for this year predicted, prices in certain areas are increasing. But that doesn’t mean you can’t find a nice home in metro Atlanta.
The first step in the process is to get pre-qualified for a mortgage.
There’s also ample opportunities to rent your home for cash. Keep up with what’s going on in Atlanta’s real estate scene on our Real Estate page.