According to a recent study conducted by the personal finance website WalletHub, Atlanta ranks at number 30 among 300 cities across the United States as a great, cost-effective place to call home. WalletHub compared 18 key indicators of housing-market attractiveness and economic strength.
Atlanta has long supplied its citizens with affordable housing, exciting amenities and a bustling job market. Fortune-500 companies offer locals a plethora of job opportunities and the film industry regularly populates the peach state. Despite the negative effects of the pandemic and an increasingly competitive housing market, Atlanta remains an affordable place to live.
According to DowntownAtlanta.com, Atlanta is among the top 10 fastest-growing metro areas and ranks as the most cost-effective when comparing median income to median home prices. The southeastern metropolitan hub ranks as the fifth-highest house income among other cities with an average household income of $62,613 and a median home price of $228,800. In comparison to the popular city of Denver, Colorado, Atlanta is 16.8% less expensive and the median home cost is 64% lower.
Pandemic Housing Market Effects
While the stock market and bank balances are up and interest rates are low, it makes this a unique time to enter the real estate market.
The COVID-19 pandemic changed many aspects of the home buying process and whether cities are cost-effective anymore. Signings and showings are often conducted virtually, and interest rates and housing inventories are at record lows.
Millennials are finally buying homes and getting out of apartments. They are purchasing single-family residences and the demand for outdoor and increased indoor spaces continues to grow. The underproduction of housing since the housing crash of 2008 results in a competitive market with bidding wars and record-high prices. According to
Atlanta’s housing marketing is currently booming. According to Urbanize Atlanta, the metro area reported 28,623 housing permits in the year 2020, a 10 to 12% increase from 2019. Atlanta experienced an increase in total inventory by 33% from May to July of this year, leading experts to believe the market may enter a price bubble. Read more about the current statistics of the housing boom.
Is Atlanta Still Attractive?
The peach state has many dining, shopping and entertainment options in and outside metro Atlanta and is also home to the world’s busiest passenger airport, witnessing over 260,000 daily passengers and producing $23.58 billion in revenue in previous years.
According to a study conducted by Know Atlanta, a $50,000 salary in Atlanta is comparable to $87,969 in San Francisco, $73,092 in Washington, D.C. and $104,989 in New York City. AFAR Magazine, an expert travel publication, ranks Atlanta at number 13 in the top 20 best cities to live in the United States, hovering above Seattle, Washington and Austin, Texas.
For first-time buyers to active adults, the Atlanta housing market is a great place to find affordable housing in exciting neighborhoods near in-town attractions and in the outlying suburbs of Atlanta. Fantastic amenities, a mild climate and a booming job market keep Atlanta at the top of the list of the country’s most desirable and affordable places to live.
To stay updated on the increasingly competitive Atlanta housing market, real estate trends, new housing developments and more, visit www.atlantarealestateforum.com.