#RisingRents #housing #HousingOptions #homeownership #economy
Metro Atlanta’s home prices have gone ballistic in the last decade.
Rents are following suit.
Michael E. Kanell, business reporter for The Atlanta Journal-Constitution, discussed this in an article published Jan. 1, 2021.
In fact, renters pay more in Atlanta than in any other Southern city, Kanell quotes RentCafé. Atlanta ranks 10th highest nationally. The median rent for a two-bedroom home has surged 65 percent to $1,474, Kanell writes. That compares to $3,680 in San Francisco and $2,235 in Washington, D.C., the article says.
Just a decade or two ago, new houses were plentiful, Kanell writes. The default for young professionals was to buy. They would move however far into the suburbs that they had to to find affordable houses, Kanell writes.
But the median home price has gone up 98 percent since 2009 to $251,125, the article quotes Rent Café.
Though the metro Atlanta economy has added more than 650,000 jobs and drawn a steady flow of young residents – many with good jobs and good pay – many are choosing to rent rather than buy, Kanell writes.
In breaking this down, we find that the American Dream of homeownership is being shattered. Many young people, even those with the means to do so, are electing to rent rather than buy. This is probably true in places other than metro Atlanta as well.
It’s a lifestyle, rather than a financial decision.
Financially, a home can be an investment that can appreciate over time. Yet, renting gives people more flexibility should there be a sudden change in employment. It makes a young person, or young family, freer to move elsewhere should a job opportunity arise, without the hassle of having to sell a house.
At the same time, real estate, like any other investment, can have its ups and downs. Renting can free a person from those ups and downs.
Ask yourself this, when deciding whether to buy or rent: do I want the responsibility of homeownership? Is it worth my financial investment to do so? Would I rather have the flexibility to move on short notice should something come my way?
If money is an issue, whether you want to buy or rent, there are many ways out there to enhance your income by investing a few, part-time, off-work hours a week. To learn about one of the best such programs, message me.
Rising rents go along with rising home values. If you find yourself unable to afford the housing you want, you may have to boost your income.
If getting a second, traditional job doesn’t suit you, look for other ways to put more money in your pocket.
Buying a house can be like paying yourself, rather than a landlord. But it comes with responsibility. Renting also comes with some responsibility, but to a much lesser degree. Choose the housing option that best suits your life.
Peter