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Atlanta one of country's most affordable markets

March 30, 2011 - Buyers looking for a bargain on a new home ought to consider moving to Atlanta, according to a new study from Deutsche Bank.

According for Forbes Magazine, the bank ranked the country's 10 best cities for buyers, and Atlanta topped the list partly because the housing market there crashed so significantly, homes became a steal for renters looking to purchase their first property. In fact, renters in Atlanta are paying 51.2 percent more for their apartment than they could be paying each month for a mortgage in their area, said the report. Orlando was second on the list, with tenants paying roughly 37.2 percent more for an apartment than they would on a mortgage.

Cleveland, Tampa, and Rochester, New York were included in the top five, while Las Vegas, Jacksonville and St. Louis were also considered affordable. Prices in Buffalo are down despite low levels of foreclosure, while a renter moving to a new home in Memphis could save 21.9 percent by paying for a mortgage instead of monthly rent.

Some of those cities hit new lows in terms of average home prices in January, according to the latest Standard & Poor's/Case-Shiller Home Price Index.
 

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