YOU SHOULD READ THIS BEFORE BUYING A HOUSE IN ATLANTA

 YOU SHOULD READ THIS BEFORE BUYING A HOUSE IN ATLANTA

After roughly a decade of economic recovery in the Georgia state capital, buying property now may seem like a good time. So should you buy a home in Atlanta? New residents have been flocking to Atlanta for decades. People come for the wealth of jobs (Atlanta is home to Fortune 500 companies such as Delta Air Lines, Coca-Cola, and Home Depot), the climate, and the affordable cost of living. Let's take a look at the key factors to consider when investing in Atlanta.

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Socio-economic analysis of the city of Atlanta

In 2020, the population of Atlanta was 498,715. The median household income in the city is $45,171. The per capita income is $35,453. 22.6% of the population lives below the poverty line. It is worth noting that between 2010 and 2020, the population grew by more than 18%. Many observers believe that Atlanta is in the early stages of becoming a dense metropolis. As a result, the city's population is expected to triple, and the metropolitan area is expected to add 2.5 million people by 2040. At the same time, there is strong job growth. Atlanta now has 15% more jobs than it did before the recession, the city's GDP has grown 32% since 2012, and 305,000 jobs are expected to be created by 2030.

Develop your investment budget for a house in Atlanta

The median sale price of a single-family home in Atlanta is $291,000 (as of 2020), according to the Atlanta Board of Realtors. This puts the median home price in Atlanta just above the national median of $284,600 (as of May 2020), according to the National Association of Realtors. Property tax rates in Fulton County, where Atlanta is located, are the highest in the state, with a median payment of about $2,700. Nationally, the median property tax is about $2,279. The cost of living in Atlanta is comparable to the national average (as of October 2020), being just 1% below the national average. Many communities in Atlanta, especially in the suburbs, are subdivisions or multi-unit developments. These communities often have a homeowners' association (HOA) that charges annual fees to cover costs such as the neighborhood pool, streetlights, and common area maintenance. Depending on what's included, these fees range from $50 to $100 per month and may be included. This is a cost every future homeowner should keep in mind.

Which Atlanta neighborhood should you choose?

To begin, if you're thinking about buying a home in Atlanta, you'll need to do some neighborhood research. As with any market, take an interest in the resident demographic in each part of the city. Understanding the prices in each neighborhood will also help you identify good deals. You have access to a wealth of information in the United States; one of the tools is Zillow: https://www.zillow.com/atlanta-ga/

Here are five of the best neighborhoods in Atlanta:

1/ The Buckhead neighborhood

Home Price: $491,544 median purchase price

Perfect for: Singles, young professionals, families, retirees

Buckhead is one of Atlanta's largest neighborhoods, and it's quite a popular spot! This area is made up of a wide variety of real estate, from brick colonials to bungalows and custom-built townhomes. There's something for every type of household! There are plenty of trendy restaurants and upscale boutiques. Families remain the main target since they can be close to top-rated schools like Sarah Smith Elementary School and North Atlanta High School.

2/ The Candler Park neighborhood

Home Price: $433,750 Median Purchase Price

Perfect for: Singles, Young Professionals, Families, Retirees

This is Atlanta's quiet neighborhood, with the option to live ten minutes from downtown. Candler Park is a real highlight. It remains an affordable Atlanta neighborhood with a mix of historic homes such as Victorian-style houses and bungalows, as well as modern townhouses and lofts. Candler Park is home to numerous events such as Candler Park Fall Fest and Candler Park Music Festival. Additionally, public transportation is particularly well-developed in this area. Residents have easy access to public transportation with the Metropolitan Atlanta Rapid Transit Authority (MARTA) in Candler Park!

3/ The Midtown district

Home Price: $317,147 Median Purchase Price

Perfect for: Singles, Young Professionals, Families

Located just north of downtown, Midtown Atlanta is a favorite among residents. It's a cultural center for the city, home to art galleries, museums, and entertainment. It's also a prime spot for Atlanta's nightlife! Young professionals can find work with major corporations, while families have access to highly regarded schools like First Capitol Community School and Henry W. Grady High School. Georgia Tech is also nearby for higher education. This Atlanta neighborhood boasts parks and green spaces.

4/ The Morningside-Lenox Park neighborhood

Home Price: $463,688 median purchase price

Perfect for: Singles, young professionals, families, retirees

This is a historic Atlanta neighborhood with plenty to do. Just 15 minutes from downtown Atlanta, this neighborhood features Tudor and Craftsman-style homes on beautiful tree-lined streets. There are also walking trails for spending time outdoors, which is always appreciated by locals. It also has highly rated schools like Morningside Elementary School and Samuel M. Inman Middle School. Not to mention, Emory University is just east of Morningside-Lenox Park, making this neighborhood a great place for students and faculty!

5/ The Old Fourth Ward district

Home Price: $211,300 median purchase price

Perfect for: Singles, young professionals

Old Fourth Ward is a neighborhood with a relatively young population, with many singles and young professionals. It attracts residents thanks to its proximity to downtown Atlanta and its trendy, artistic atmosphere. This growing area is full of industrial-style lofts, single-family bungalows, and new construction. The still-affordable home prices suggest future growth. Residents have access to recently revitalized areas with theaters, parks, cafes, and restaurants. Finally, the neighborhood is well-served by public transportation.

Timing and support for buying a house in Atlanta

Characteristics of the Atlanta Market

The Atlanta housing market tends to be seasonal. Homes typically go on the market in the spring, and buyers who will become residents will move in before the start of the school year, from early to mid-August. For buyers, especially those with investment goals, this means avoiding this period when competition is fiercer. Buyers will tend to buy at the no-haggle price. Statistics show that Atlanta homes sell quickly from April to August, reducing the average annual time on the market. Homes also sell for more in June, with the average sale price being 7.58% higher than the annual average. To find a good deal, homes sell for 12.44% below the annual average in February. At the beginning of the year, homes stay on the market for nearly two weeks longer than the annual average. This helps give the buyer the advantage, not the seller.

Get support for your investment project

As always at Investir.us, we strongly recommend seeking professional assistance. When making a real estate purchase like this, choose a real estate agent who knows the market inside and out. But first, do some in-depth research to see if Atlanta is a good fit for your investment goals. Cross-reference the information you obtain to form your own opinion.