Two Georgia counties have made RealtyTrac’s recent rankings of the Most Affordable Housing Markets for Millennials. Richmond County, which is located in the Augusta-Richmond County metro area, took the top spot on the list, while DeKalb County claimed the No. 3 spot.
Many industry experts say that the millennial generation is the key to the current housing market recovery, with their buying power enough to help sustain it. With these areas becoming increasingly popular with younger generations thanks to their affordability, they will continue to flourish.
To determine the Most Affordable Housing Markets for Millennials rankings, RealtyTrac looked at counties with a population of 100,000 or more where millennials made up at least 24 percent of the total population. In addition, counties that experienced a decrease in the total number of millennials from 2007 to 2013 were excluded from the rankings.
DeKalb County took the No. 3 spot on the Top 15 Most Affordable Counties to Buy list, as the house payment to median household income ratio for DeKalb County was just under 14 percent in April 2014. The median home price at this time was $111,600, while the estimated median household income in 2014 was $49,200. In 2013, 25.33 percent of the population in DeKalb County was millennials, which was an 11 percent increase since 2007.
Other important factors that make DeKalb County an attractive area for millennials is its low unemployment rate of 6.8 percent and the 7.5 percent of the population that uses public transportation to get to work, which was the third-highest percentage on the list.