As the US continues to recover from the recession in the 2000’s, some who have chosen to rent still continue to feel that buying a house is not an option that they can do now. Sure, there is a decline in ownership, but don’t let that make you think that your dream of owning a home is not in your immediate future. The NAR (National Association of Realtors) is saying that many of Atlanta residents who are still renting can actually afford to buy a house.
The NAR recently released a study that shows that 40% of the renters in Atlanta can kick their landlords to the curb, which in a lot of cases you are paying their mortgage for them, and go out to buy their own homes. Atlanta has a lot going for renters who want to become homeowners like ranking 7th in active markets in growing economies and the 19th highest share of ready-to-purchase renters in the top 100 metro areas in the United States according to the NAR.
The NAR looked deep into the data for job growth and household income and after crunching the numbers looked at the current guidelines needed to become qualified for a mortgage and this is how they came up with the 40% of Atlanta renters can accord to buy a house now.
Homeownership comes with many positives like tax breaks and building wealth as the value of the house rises. You also have options in taking money from the equity built over the years of ownership, so homeownership comes with many pluses.
It would be fair to say that a lot of the renters in Atlanta are renting due to the damage done in 2008 and are worried that they may get burned again. But as the market has gotten better, you are seeming more Atlanta renters go back to homeownership.