Should I Rent or Buy?

by Greg Powell

If you’re living in Auburn - or planning to move here - you’ve probably asked yourself the big question: should I rent or buy a home? Whether you're a student, a parent, a young professional, or looking to settle down, there are a few key things to consider before making your decision. Let’s break it down with a local lens.

Benefits of Renting in Auburn

Renting can make sense for a lot of people, especially those who:

Are only in town temporarily (like students or visiting faculty)
Want flexibility to move quickly
Don’t want the responsibility of maintenance or repairs

Auburn offers a wide range of rental options—from luxury student apartments to quiet single-family neighborhoods. Renters also benefit from:

Fewer upfront costs (no down payment or closing costs)
Landlords covering major repairs
Easier relocation if plans change

That said, rent prices in Auburn have climbed in recent years, especially close to campus. Monthly rent can sometimes match or even exceed a mortgage payment.

Benefits of Buying in Auburn

If you plan to stay in Auburn for at least a few years, buying can be a smart investment, especially in this growing market. Here’s why:

Build equity instead of paying rent each month
Tax benefits from mortgage interest deductions
Control over your space - no more asking a landlord for permission to paint or get a pet
Stable payments with a fixed-rate mortgage, compared to rising rents

Parents of Auburn University students also sometimes buy condos or townhomes near campus, using them as student housing now and investment properties later.

Cost Comparison: Rent vs. Buy

Let’s say you're considering a 2-bedroom condo near downtown Auburn:

Rent might cost $1,500/month.
Buy the same type of condo for $225,000 with 10% down = approx. $1,400/month (including mortgage, taxes, insurance, and HOA).

Over 4 years, a renter pays $72,000 - with no return. A buyer builds equity and could sell or rent it later for a profit.

Questions to Ask Yourself

How long do I plan to stay in Auburn?
Do I have savings for a down payment and closing costs?
Am I ready to handle maintenance and homeownership responsibilities?
Do I want to invest in something long-term, or keep my options open?

Auburn Market Snapshot

The Auburn-Opelika housing market is stable and growing, with strong rental demand - especially near Auburn University. This makes it an attractive spot not just for buyers but for investors, too.

Final Thoughts

There’s no one-size-fits-all answer, but in many cases, buying in Auburn can offer more long-term value than renting - especially if you plan to stay in the area or want to invest in student housing.

Need help running the numbers or exploring neighborhoods that fit your goals? Let’s chat! I’m happy to help you weigh your options and find the right fit.

And check out my recent post on how to prepare for buying your first home: gregsellsauburn.com/blog/Buying-a-Home-Heres-How-to-Prepare