Housing

The Most and Least Affordable Housing Markets in Georgia

Sam Stebbins

Published: September 23, 2024 10:48 am

24/7 Wall St. Insights

• Since the start of the COVID-19 pandemic, supply and demand dynamics have sent home prices surging by nearly 38%.
• Coupled with historically high mortgage rates, rising home prices have made homeownership prohibitively expensive for large segments of the population. 
• Still, when accounting for income, some cities in Georgia are far more affordable for prospective home buyers than others.
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The United States is facing a housing affordability crisis. While overall inflation has cooled to 2.5% from a multi-decade high of 9.1% in June 2022 — at 5.4% as recently as August 2024, the Consumer Price Index for housing remains stubbornly high. And in much of the country, home prices are well above what millions of Americans can afford.

The median list price for a single-family home in the U.S. was $437,450 in July 2024 — up about $118,500 from the start of the pandemic, according to data from Realtor.com. On top of rising prices, most homebuyers are further burdened by historically high borrowing costs. The average interest rate on a 30-year fixed mortgage exceeded 6% in September 2022 for the first time in nearly a decade and a half — and it has remained above that threshold for the last two years. (Here is a look at the 23 cities where most homes are selling for less than $125,000.)

Even though the cost of homeownership has soared in recent years, the question of affordability also hinges on earnings and wealth. Multiple recent studies have found that it would take an annual income of over $100,000 to comfortably afford a typical home in the United States — and most American workers are making less than half that amount. As of May 2023, the median annual wage across all occupations in the U.S. was just $48,060, according to the Bureau of Labor Statistics.

Based on these numbers, the typical American home now costs about 9.1 times more than a typical worker’s annual earnings. Still, because both incomes and home prices vary across the country, housing affordability does too. In Georgia, for example, housing is generally more affordable than it is nationwide. The typical home in Georgia is listed for $399,925, about 8.8 times more than the state’s median annual wage of $45,480.

Even within Georgia, housing affordability varies considerably by market. Of the 14 metropolitan areas in the state with available data from both Realtor.com and the BLS, median home prices are anywhere from about 4.9 to 13.2 times higher than the median annual wage. (These are 10 things to consider before buying a home for retirement.)

Accounting for both incomes and home prices, these are the most (and least) affordable housing markets in Georgia, ranked. Supplemental data on median home size and year-over-year price changes are also from Realtor.com.

Why It Matters

Fueled by supply shortages and rising demand, home prices have surged since the start of the pandemic. More recently, the financial burden of higher home prices has been exacerbated by historically high mortgage rates, pricing millions of Americans out of the market. Still, housing affordability is contingent upon income, and some major markets in Georgia are far more affordable for prospective buyers than others.

14. Albany, GA

• Income to home price ratio: 4.9 to 1
• Median home list price in July 2024: $191,563 (52.1% lower than median home price in Georgia)
• Median annual wage across all occupations: $38,840 (14.6% lower than median wage in Georgia)
• Median size of a listed home in July 2024: 1,617 square feet (24.6% smaller than a typical home in Georgia)
• 1-year change in median home list price: -14.9%

13. Macon, GA

• Income to home price ratio: 5.6 to 1
• Median home list price in July 2024: $224,508 (43.9% lower than median home price in Georgia)
• Median annual wage across all occupations: $40,210 (11.6% lower than median wage in Georgia)
• Median size of a listed home in July 2024: 1,814 square feet (15.4% smaller than a typical home in Georgia)
• 1-year change in median home list price: -13.3%

12. Hinesville, GA

Hinesville city limit Memorial Dr.jpg (Creative Commons Attribution-Share Alike 4.0 International) by Michael Rivera

• Income to home price ratio: 6.7 to 1
• Median home list price in July 2024: $293,225 (26.7% lower than median home price in Georgia)
• Median annual wage across all occupations: $44,010 (3.2% lower than median wage in Georgia)
• Median size of a listed home in July 2024: 1,907 square feet (11.1% smaller than a typical home in Georgia)
• 1-year change in median home list price: +3.7%

11. Columbus, GA-AL

• Income to home price ratio: 6.7 to 1
• Median home list price in July 2024: $259,450 (35.1% lower than median home price in Georgia)
• Median annual wage across all occupations: $38,490 (15.4% lower than median wage in Georgia)
• Median size of a listed home in July 2024: 1,905 square feet (11.1% smaller than a typical home in Georgia)
• 1-year change in median home list price: -4.1%

10. Warner Robins, GA

• Income to home price ratio: 7.1 to 1
• Median home list price in July 2024: $317,450 (20.6% lower than median home price in Georgia)
• Median annual wage across all occupations: $44,570 (2.0% lower than median wage in Georgia)
• Median size of a listed home in July 2024: 2,118 square feet (1.2% smaller than a typical home in Georgia)
• 1-year change in median home list price: +2.4%

9. Rome, GA

• Income to home price ratio: 7.4 to 1
• Median home list price in July 2024: $291,225 (27.2% lower than median home price in Georgia)
• Median annual wage across all occupations: $39,510 (13.1% lower than median wage in Georgia)
• Median size of a listed home in July 2024: 1,724 square feet (19.6% smaller than a typical home in Georgia)
• 1-year change in median home list price: +0.8%

8. Augusta-Richmond County, GA-SC

• Income to home price ratio: 7.4 to 1
• Median home list price in July 2024: $314,950 (21.2% lower than median home price in Georgia)
• Median annual wage across all occupations: $42,440 (6.7% lower than median wage in Georgia)
• Median size of a listed home in July 2024: 2,081 square feet (2.9% smaller than a typical home in Georgia)
• 1-year change in median home list price: +1.6%

7. Valdosta, GA

• Income to home price ratio: 7.7 to 1
• Median home list price in July 2024: $283,750 (29.0% lower than median home price in Georgia)
• Median annual wage across all occupations: $36,720 (19.3% lower than median wage in Georgia)
• Median size of a listed home in July 2024: 1,865 square feet (13.0% smaller than a typical home in Georgia)
• 1-year change in median home list price: -2.1%

6. Atlanta-Sandy Springs-Roswell, GA

• Income to home price ratio: 8.8 to 1
• Median home list price in July 2024: $424,500 (6.1% higher than median home price in Georgia)
• Median annual wage across all occupations: $48,370 (6.4% higher than median wage in Georgia)
• Median size of a listed home in July 2024: 2,206 square feet (2.9% larger than a typical home in Georgia)
• 1-year change in median home list price: -2.4%

5. Dalton, GA

• Income to home price ratio: 8.9 to 1
• Median home list price in July 2024: $339,075 (15.2% lower than median home price in Georgia)
• Median annual wage across all occupations: $38,260 (15.9% lower than median wage in Georgia)
• Median size of a listed home in July 2024: 1,903 square feet (11.2% smaller than a typical home in Georgia)
• 1-year change in median home list price: +9.4%

4. Savannah, GA

• Income to home price ratio: 10.1 to 1
• Median home list price in July 2024: $439,948 (10.0% higher than median home price in Georgia)
• Median annual wage across all occupations: $43,490 (4.4% lower than median wage in Georgia)
• Median size of a listed home in July 2024: 2,053 square feet (4.2% smaller than a typical home in Georgia)
• 1-year change in median home list price: +3.5%

3. Brunswick, GA

• Income to home price ratio: 11.9 to 1
• Median home list price in July 2024: $449,425 (12.4% higher than median home price in Georgia)
• Median annual wage across all occupations: $37,890 (16.7% lower than median wage in Georgia)
• Median size of a listed home in July 2024: 1,953 square feet (8.9% smaller than a typical home in Georgia)
• 1-year change in median home list price: +1.1%

2. Athens-Clarke County, GA

• Income to home price ratio: 12.3 to 1
• Median home list price in July 2024: $463,350 (15.9% higher than median home price in Georgia)
• Median annual wage across all occupations: $37,730 (17.0% lower than median wage in Georgia)
• Median size of a listed home in July 2024: 2,245 square feet (4.7% larger than a typical home in Georgia)
• 1-year change in median home list price: +9.5%

1. Gainesville, GA

• Income to home price ratio: 13.2 to 1
• Median home list price in July 2024: $549,900 (37.5% higher than median home price in Georgia)
• Median annual wage across all occupations: $41,780 (8.1% lower than median wage in Georgia)
• Median size of a listed home in July 2024: 2,623 square feet (22.3% larger than a typical home in Georgia)
• 1-year change in median home list price: +10.3%