Many people will argue that buying a house is better than renting for a variety of reasons. However, home prices are rising fast. Obviously cost is a huge factor in purchasing a home, so the question is worth asking: Is it cheaper to buy a house or rent?
Buying A House Is Cheaper, But Only In Some States
A study from GoBankingRates breaks down where it is cheaper to buy a home than it is to rent. There are nine states where renting is actually cheaper, and six where the cost is more or less the same. That leaves the majority of the country, 35 states, where home buyers are getting a better deal. Thankfully, Georgia is one of those states.
According to the study, Georgia's median monthly mortgage has increased by almost $100, putting it at $1122. However, this is still less than Georgia's average monthly rent, which is $1214. Based on these numbers, buying is more cost-effective.
There Is Much More Than Cost To Consider
Of course, what is not really mentioned in the study is that paying rent and paying a mortgage are not equal things. Paying rent entitles you to stay in a place. Paying a mortgage not only allows you to stay in a house, but also grants you ownership of a house, which you may choose to sell in the future to get money back.
Ultimately, the process of purchasing a home is one that must be entered into with care and consideration of all benefits and costs.