High Rental Rates Means It’s Time to Become a North Georgia Homeowner

For those of you who live in a rented home or apartment, you have undoubtedly noticed that rental home rates are at an all time high in North Georgia – and everywhere else in the U.S., too.  In fact, according to Realtor.com, the average home rental prices are the highest they have ever been and are currently up 8.1% from 2020.

If you are renting a home and find these prices to be way out of your budget, it may be the perfect time for you to become a homeowner. In fact, you may be surprised at just how affordable (and so much less) your monthly mortgage will be than the outrageous rent you are paying for your cramped apartment or rental home.

According to the National Association of Realtors, the average monthly mortgage payment in the U.S. right now is around $1,200, while the average cost of a rental home is about $1500 monthly. Buying a home could save the average buyer almost $400 a month, which is enough to pay utilities, a car payment, and other monthly expenses.

And if rental rates aren’t high enough, renters could also see their home rental prices increase each year that the lease is renewed. Homeowners, however, have a locked in mortgage rate, giving you the same payment for 30 years, with no increase over time.

As home rental prices continue to skyrocket in North Georgia and across the country, now is definitely the time to buy a home to start reaping the benefits of being a homeowner. Our team of professional Realtors can help!

Your North Georgia Realtor Can Help You Stop Paying Rent and Buy a Home

Isn’t it about time to stop paying someone else’s mortgage and focus on buying a home of your own? Yes, we think so, too…and the team at Southern Select Properties is here and ready to help you in any way we can along your path to home ownership! Contact us today to learn more about your options and how you can own a home in North Georgia.