Atlanta, Georgia, is a city that has been attracting new residents in droves while longtime residents are staying put. Currently, Atlanta is one of the five fastest growing big cities in the United States. In 2020 alone, the population grew by 1.6%. Like other big cities boasting warmer weather, Atlanta saw an influx of people who were suddenly working from home and could relocate to someplace more affordable. The population growth doesn’t look like it will level off post-pandemic either: in the next 30 years, metropolitan Atlanta is expected to grow by 2.9 million people.
The appeal is clear to Atlanta’s approximately half a million residents. Atlanta has long been one of the most cosmopolitan cities in the south, while still offering relatively affordable home costs. On top of its affordability, Atlanta offers a vibrant arts scene, a thriving film and television industry, and major employers such as CNN and Coca-Cola. Atlanta is also home to over thirty colleges and universities and was ranked by Forbes magazine as one of the best places for business and careers in the U.S.
The real estate snapshot is just as enticing to real estate investors. Atlanta home prices on average are less expensive than the national average. Despite being below the national average, home prices have more than doubled since 2012, and are projected to continue increasing. Over the last five years alone, Atlanta home prices have increased by a total of 49 percent. Prices are still on the rise, with home costs gaining an average of 0.9 percent per month. Currently, the average house sits on the market for only 61 days and the sale-to-list price ratio is 99 percent, meaning that most homes sold for their list price or close to it. With the rising costs associated with home ownership, a lot of Atlantans are finding themselves renting while they wait to buy. That means that owners of rental properties will find an attractive renters’ market. A full fifty percent of Atlanta residents rent rather than own. This past year, rents increase 12 percent year-over-year. So if you’re looking for a city that’s poised to keep attracting new residents with robust housing and job markets, Atlanta is hard to beat.
