If you’re considering making the leap to home ownership, you’ll be glad to know that Atlanta real estate has been ranked the most affordable in the nation! According to a study by Interest.com that compared home prices, mortgage rates, and income levels, home ownership is much more accessible in Atlanta than in any other major American city.
Atlanta home prices rising, still affordable
While the home prices in Atlanta have risen almost 39% in the last year, the median home price for Atlanta is still just $143,300, compared to the national average of $203,500. Considering the quality of the homes for sale in Marietta, Roswell, Kennesaw, and elsewhere in north Atlanta, it’s clear that Atlanta home buyers can get considerably more bang for their buck than home buyers in other cities.
What makes Atlanta real estate affordable?
There are a number of reasons why Atlanta real estate is so affordable, including:
- Higher-than-average median income- Median household income in metro Atlanta is 6% higher than the national average.
- Lower-than-average property taxes- Property taxes can definitely add up, but Atlanta homeowners don’t have to shell out as much as other American homeowners. Marietta property taxes are the lowest in metro Atlanta, just one more reason why homes for sale in Marietta are a hot commodity!
- Land availability- Unlike many major cities, Atlanta has no natural boundaries to contain it, which means there is an unlimited supply of land for expansion and development outward from the city. The abundance of land and consequent low prices mean that houses are also less expensive.
- Building materials- Thanks to Georgia’s natural resources, building materials like wood and brick are plentiful, which makes quality home building more affordable.
