Metro Atlanta homes now ‘unaffordable’

Metro Atlanta housing inventory levels will still be extremely low this spring when compared to previous years. The migration of remote workers triggered by a two-year coronavorus pandemic has also pushed home prices up to record levels. An Atlanta Business Chronicle analysis  determined that buyers are now routinely  paying 10% above list price and in Atlanta’s 23 most expensive ZIP codes, an annual income of at least $100,000 is necessary to afford the median-priced home.

Last week the Federal Reserve Bank of Atlanta declared that the cost of buying a home is now officially considered to be unaffordable. The bank’s Home Ownership Affordability Monitor, uses median income for the metro Atlanta area, along with home prices and interest rates to calculate the feasibility for residents to purchase a home. The Atlanta Business Chronicle also determined that the annual mortgage payment for homes in the metro-Atlanta counties of DeKalb, Gwinnett, Fulton and Dawson now exceeds 30% of the area’s median income. according to the monitor, housing affordability nationwide is at its lowest since November 2008.

 This is one of the worst markets for first-timers home buyers and people seeking entry-level priced homes. Don’t wait to put your home on the market because conditions will not improve for buyers anytime soon. If you are interested in selling your home please give me a call. My contact information is in the description below. Thanks for watching and I’ll see you next time.

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