Rent Increases in Clayton County’s Top Cities: Why Buying a Home is the Smarter Choice
Let’s explore the rental trends in Clayton County’s major cities and why homeownership may be a better choice for you.
Trends of Rent Increases in Major Cities of Clayton County
- Jonesboro: Historic Charm Meets Rising Rent
Jonesboro is known for its rich history and affordable living, but growing demand has pushed rental rates higher.
- Rental Trends: In the last five years, rent for a 1-bedroom apartment in Jonesboro has increased by 15-20%.
- Average Rent: The typical monthly rent currently stands at $1,450.
- Average Mortgage: On average, a mortgage payment in Jonesboro is $1,100, saving you around $350 per month by owning instead of renting.
Why Buy Instead?
With rent increasing over time, locking in a fixed-rate mortgage allows you to keep your housing expenses steady. Buying a home in Jonesboro means avoiding future rent hikes and gaining long-term equity as property values appreciate.
- Riverdale: Close to Atlanta, Close to Rising Rents
Riverdale’s proximity to Atlanta has made it a desirable market, causing rental prices to climb steadily.
- Rental Trends: Over the last five years, rent has surged by 18%.
- Average Rent: Monthly rent averages $1,600.
- Average Mortgage: With an average mortgage of $1,150, you save $450 per month when owning in Riverdale.
Why Buy Instead?
Home prices in Riverdale are on the rise. Owning a home here gives you stable housing costs while also offering the opportunity to grow your wealth through property value appreciation.
- Morrow: College Town Appeal, Increasing Rent
Morrow’s status as a college town and its convenient location have made it a popular rental destination, driving up prices.
- Rental Trends: In the last five years, Morrow has seen a 17% increase in rent.
- Average Rent: Current average monthly rent is $1,350.
- Average Mortgage: Owning in Morrow costs about $1,050 per month, giving you a monthly savings of $300.
Why Buy Instead?
Escalating rents make homeownership a smart, long-term solution. Purchasing a house in Morrow shields you from further rent increases and lets you build equity.
- Lovejoy: Small-Town Charm, Big Rent Hikes
Lovejoy is experiencing a rise in demand for both single-family homes and apartments, pushing rental prices higher.
- Rental Trends: Rent in Lovejoy has gone up by 16% in the last five years.
- Average Rent: Monthly rent is $1,498.
- Average Mortgage: With an average mortgage of $1,000, you can save $498 each month by owning a home in Lovejoy.
Why Buy Instead?
In Lovejoy, where rents are climbing, purchasing a home secures you a fixed monthly payment and allows you to build ownership over time, rather than paying increasing rent.
- Forest Park: A Green Haven with Increasing Rents
Forest Park, known for its lush greenery and proximity to the airport, has seen rising rental costs as more people flock to this peaceful, nature-loving area.
- Rental Trends: Rent has increased by 14% in the past five years.
- Average Rent: Monthly rent averages $1,170.
- Average Mortgage: With a mortgage of $950, homeowners save $229 each month compared to renting.
Why Buy Instead?
With rental prices on the rise, buying a home in Forest Park could help you avoid escalating housing costs while allowing you to invest in your financial future.
- Hampton: Scenic Living, Steadily Rising Rents
Hampton’s picturesque landscapes and family-friendly atmosphere have attracted renters, but this demand has also caused rent increases.
- Rental Trends: Rent in Hampton has risen by approximately 15% over the last five years.
- Average Rent: Current rent stands at $1,436.
- Average Mortgage: The average mortgage is $1,200, offering you a monthly savings of $236.
Why Buy Instead?
By purchasing a home in Hampton, you not only secure consistent housing costs but also invest in a community where property values are rising, giving you long-term financial benefits.
- Rex: Budget-Friendly, but Rising Costs
Rex, a quiet area offering budget-friendly housing, has seen rising demand, leading to rental price increases.
- Rental Trends: Rent in Rex has increased by 13% in the last five years.
- Average Rent: Monthly rent averages $1,465.
- Average Mortgage: With an average mortgage of $1,050, homeowners in Rex save about $415 each month compared to renters.
Why Buy Instead?
Locking in a mortgage in Rex protects you from further rent increases and allows you to invest in your own property, rather than paying rent.
- College Park: Growth and Rising Rent
College Park’s rapid economic development and proximity to the airport have led to rising rental prices.
- Rental Trends: Rent has surged by 20% in the last five years.
- Average Rent: Monthly rent stands at $1,800.
- Average Mortgage: With a mortgage of $1,250, owning in College Park can save you $550 per month.
Why Buy Instead?
As rents continue to rise in College Park, buying a home offers more stability and a chance to build equity in a thriving, high-demand market.
- Conley: A Hidden Gem with Rising Value
Conley, once overlooked, is now gaining popularity due to its affordable real estate prices and proximity to Atlanta.
- Rental Trends: Rent in Conley has increased by 12% in the last five years.
- Average Rent: Monthly rent is currently $1,100.
- Average Mortgage: With an average mortgage of $900, homeowners save $200 per month.
Why Buy Instead?
With rising rental prices and increasing property values, purchasing a home in Conley is a smart investment that offers long-term savings and potential property appreciation.
- Lake City: Tranquil Living with Rising Rent
Lake City, known for its peaceful atmosphere, has seen rental prices rise as demand for its serene living environment grows.
- Rental Trends: Rent in Lake City has increased by 10% in the last five years.
- Average Rent: Monthly rent averages $1,250.
- Average Mortgage: The average mortgage is $1,100, saving homeowners $150 per month.
Why Buy Instead?
While renting might seem affordable initially, buying a home in Lake City ensures long-term stability with fixed mortgage payments. This allows you to avoid rent hikes and build equity as property values rise.
Rent vs. Mortgage Comparison Chart
Here’s a side-by-side comparison of average rent versus mortgage payments across the top cities in Clayton County, highlighting the potential savings from choosing homeownership:
|
City |
Average Rent (Monthly) |
Average Mortgage (Monthly) |
Savings Compared to Renting (Monthly) |
|
$1,450 |
$1,100 |
$350 |
|
|
$1,600 |
$1,150 |
$450 |
|
|
$1,350 |
$1,050 |
$300 |
|
|
$1,498 |
$1,000 |
$498 |
|
|
$1,170 |
$950 |
$229 |
|
|
$1,436 |
$1,200 |
$236 |
|
|
$1,465 |
$1,050 |
$415 |
|
|
$1,800 |
$1,250 |
$550 |
|
|
$1,100 |
$900 |
$200 |
|
|
$1,250 |
$1,100 |
$150 |
Note: The rent and mortgage figures are based on general market trends and estimates from public real estate sources. Actual costs may vary depending on property specifics, loan terms, and market conditions. Consult with a real estate professional for precise information.
Final Verdict: Why Buying Beats Renting in Clayton County
Across all 10 cities in Clayton County, one trend is clear—rental rates are rising, often at a faster pace than home prices. By investing in homeownership, you not only secure stable monthly payments but also gain the opportunity to build equity in a property that is likely to increase in value over time.
Advantages of Renting:
- Flexibility to move without being tied to a mortgage.
- Less responsibility for maintenance, repairs, and property taxes.
Benefits of Purchasing:
- Fixed Housing Costs: With a fixed-rate mortgage, your payments remain consistent, unlike rent which can increase annually.
- Equity Building: Each mortgage payment helps grow your ownership stake in the property, which renting does not provide.
- Long-Term Investment: As property values rise, your home becomes an asset that increases in worth over time, giving you financial gains.
If you’re tired of rent hikes and eager to start building your own property portfolio, now might be the perfect time to explore homeownership in Clayton County. Whether you’re interested in the charm of Jonesboro, the convenience of Riverdale, or the peaceful living in Lovejoy, purchasing a home is a smart financial move.
Let’s Talk About Your Next Move!
If you're ready to explore homeownership and secure your future in one of Clayton County’s thriving cities, I’m here to guide you through the process. Together, we’ll find the perfect home that suits your lifestyle and financial goals. Don’t wait—let’s start your journey toward owning a home today!
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