Rent VS Buy House
If you’re out looking to rent a place you might have noticed that rent is expensive! Sure there’s a few places to rent in Gwinnett County that range from the low $500 a month, but most of these places are either townhomes, duplexes or in the very worst school districts in town. Statistically, renters aren’t as concerned about schools but they should be! While a good children’s education has value, it’s not as valuable if you don’t have children — HOWEVER, it does affect the over all prices of available homes AND it also affects the areas “quality of life.” Areas with better schools typically have better parks, cleaner stores, less crime – you know lots of good stuff that your Momma told you to look for in a place. I digress, so where was I? Oh, rent is expensive and home prices are down, so let’s compare the age old question of buying vs renting a home in Georgia.
In our research we noticed that the average rent rate for a single family home in Central Gwinnett was about $800 a month (see below) while a home in a better school district like Grayson, Mill Creek or Peachtree Ridge was closer to $1,300 a month.
So let’s break out the calculator on our phone and compare notes. For those cynical folks out there, my calculation assumes you are putting 3% down and getting a fixed rate loan of 5% for 30 years [at the time of this blog post rates are as low as 3.8%]
Rent VS Buy A House?
If your rent is $500 a month you could buy one of these homes instead (we’ll start here because frankly rent this cheap is usually “mom’s house”)
Rent Vs Buy at $800 A Month
How about if your rent is $800 a month, what can you get?
Rent Vs Buy A Home At $1,000 a Month Rent
Let’s do two more: $1,000 rent a month, should Rent VS Buy A House?
Finally, we’ll stop a the $1,300 a month rent. If you’re paying this much in rent, why aren’t you buying – take a look!
Related Real Estate Resources: