One of the many things we have learned over the past year is that property in Atlanta is almost always a good investment. As long as we’re speaking about organic real estate – rather than the mixture of lack of regulation and opportunism that leads to housing bubbles – property retains its value or will eventually rebound. Even in 2020, with the pandemic home buying only slowed for a couple of months and then exploded at a record pace.
This was certainly true in Atlanta. Property values appreciated by over 5% last year, which was consistent with previous years. In addition, median sales prices went up by over 16%. All of this reinforces what real estate experts have been saying for years – property in Atlanta is an excellent investment.
To better understand what types of property you should invest in, we need to get into why property values in Atlanta continue to rise. There are a number of reasons, which impact the types of properties in demand.
Atlanta is one of the fastest growing cities in the country. Even during the pandemic, the population grew by 1.16% in 2020. This takes it to over 6.5 million residents.
There are lots of good reasons for people to come live in Atlanta. Jobs readily available, and the cost of living here is cheaper than many other parts of the US. There is an increasing amount of diversity in demographics as well, making it the perfect home for diverse families, as well as those who want diversity in their childrens’ lives.
This population growth has led to increased demand for family-sized homes in Atlanta. With no signs of it slowing down, these kinds of homes are likely to remain a good investment.
Atlanta is one of the fastest growing job markets in the country as well. With a huge fintech industry, as well as new bioscience and technology businesses popping up, it’s become a destination for many young job seekers, whether they are leaving college or unable to find work in other parts of the States.
There’s also a lot of job growth in more traditional industries like mining and logging, construction, trade and transport. This growth is projected to continue over the next few years.
These kinds of jobs bring singles to the city, keeping demand for one-bedroom apartments high.
A fair housing market
Another reason buying property in Atlanta is a good idea is because the housing market – both in terms of sales and rent – is more equitable than many parts of the States. While this means you cannot charge exorbitant prices when renting out your Atlanta property, it also makes for better relationships with tenants and it is relatively easy to find new renters.
Property is always a good source of income, and if part of a big portfolio can really be the key to wealth. Being equitable does not stand in the way of that, but rather allows for a smoother system.
Atlanta insurance regulations
In terms of insurance, Atlanta is for the most part on par with the rest of the United States. We have a strong insurance industry that tends to skirt regulation as much as possible. There are a number of good companies providing both homeowners insurance for property owners and renters insurance for tenants.
Insurance companies will continue to make big money at the expense of customers. Fortunately, some of Atlanta’s best insurance companies are as equitable as the housing market.
Lemonade is one of the best in the country and in Atlanta as well. Being fully digital offers insurance at affordable prices, and is one of the leading insurance companies bring insurance to the 21st century.
Getting insurance when investing in property in Atlanta is easy and relatively cheap, which makes real estate investment even more viable.
Buying property in Atlanta in 2021
There is no indication that Atlanta will see any drop in property values and demand in 2021. Having made it through 2020 unscathed, it will likely only continue to grow as life slowly gets back to normal.
With population growth and a booming job market, housing for singles and families is currently a great investment.