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[GA] Why should I rent if the cost can be more expensive than a mortgage? And would town-homes be a happy medium between buying a house and renting an apartment?

My spouse and I have been trying to buy a home for 8 months now here in metro Atlanta, GA.

We've placed about 12 offers in total. 2 of them got accepted.

The first was an overpriced townhome at 315k with $288/mo HOA that would leave us house poor (Household income is ~$75k). So we backed out.

The second was a "cheap" neglected home at 205k that would require $70k+ in investments. The surrounding [UPDATED] homes sold for 250k, so if we were to sell later, we'd be in the negative.

The other 10 were all great homes that we got seriously outbid on (like buyers including free lease-back and waiving appraisals in their offer).

We've already spent $1250 in inspections and are stressed and exhausted from this joke of a market.

But then we started to look at apartments to rent (decent school district is a must) and all we see is everything being >$1600. More than a mortgage payment? What the hell?!

Since buying an actual home is way too competitive for us and rent is so darn expensive, are townhomes good investments as our first-home and then to rent-out later?

submitted by /u/AdenShadows
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source https://www.reddit.com/r/RealEstate/comments/o7rmg0/ga_why_should_i_rent_if_the_cost_can_be_more/
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  1. Jennifer K RobertJune 25, 2021 at 3:50 PM

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