Metro Atlanta Is Officially TOO Expensive?!

Metro Atlanta has seen a significant rise in real estate prices, leaving some first-time home buyers wondering if they're being priced out of the market. With soaring home prices and interest rates on the rise, is renting the only option? In this video, I'm a local real estate agent with KeyPoint Homes Group, and I specialize in helping clients relocate to the metro Atlanta area. Let's explore whether metro Atlanta is indeed becoming too expensive for homebuyers and how you can navigate this challenging market.

Limited Availability in Lower Price Ranges

Finding a house in metro Atlanta for under $300,000 has become increasingly difficult. In counties like Hall, Gwinnett, Jackson, Barrow, and Forsyth, there are 2,580 single-family homes for sale. Shockingly, only 99 of these homes are listed for less than $300,000, accounting for just 4% of the available homes. Furthermore, many of these options are not habitable or are modular homes. If you're open to considering townhomes, you'll find more choices in this price range, with 376 townhomes available, including 65 listed for $300,000 or less. Exploring townhome options can offer a more affordable path to homeownership.

New Construction in Rural Areas with USDA Loans

New construction homes in rural areas eligible for USDA loans provide an affordable alternative. USDA loans require no down payment and cover closing costs. While not everyone qualifies for this program due to income limitations, it can be a valuable option for those who do. Areas like Auburn, Winder, Jefferson, and Monroe are eligible for USDA loans, offering more affordable housing options compared to urban areas.

Affordability in Monroe

Monroe is emerging as an affordable town, with options such as new construction ranch homes with basements available for under $500,000. Monroe offers a diverse range of housing styles, including big new farmhouses on private lots. The average sales price in Monroe is $427,000, nearly $100,000 less than the average price in the greater Atlanta area.

Renting vs. Owning

While rent prices are also on the rise, renting means putting money toward someone else's mortgage rather than building equity in your own home. Even if you don't have substantial savings, exploring loan options with a knowledgeable lender can help you identify a path to homeownership. Waiting to have this conversation can potentially prolong your journey to homeownership.

Lower Costs of Homeownership in Georgia

Georgia offers cost advantages for homeowners. Homeowners insurance in states with high hurricane risk, such as Florida, can be significantly more expensive. Georgia's property taxes are lower, and homeowners typically find the overall cost of living more affordable. Additionally, HOA fees in Georgia are generally lower than in many other states, providing financial relief to homeowners.

KeyPoint

While metro Atlanta's real estate market has become more challenging for first-time home buyers, affordable options still exist, especially in rural areas and through townhome purchases. Initiating a conversation with a lender and exploring your loan options is a crucial step in your journey to homeownership. Georgia's lower homeownership costs, including insurance, taxes, and HOA fees, can further enhance your financial stability as a homeowner.