Metro Atlantans need to earn at least $39,393.11 annually to afford a median-priced home in the area. While that may be attainable for some, homeownership is out of reach for many.
Estately — an online home listing service — analyzed the salaries of six occupations to determine what percentage of homes these professionals could afford (based on monthly mortgage payments, down payments, property taxes, homeowner’s insurance, etc.). The study examined eight major U.S. cities, and their respective home sales for the past six months. In Atlanta, doctors fared the best, affording 96 percent of homes.
What percentage of homes can each occupation afford in Atlanta?
• Doctors: 96 percent
• Computer programmers: 82 percent
• Teachers: 54 percent
• Astronaut: 68 percent
• Firefighters: 36 percent
• Restaurant servers: 12 percent
While Atlanta home prices are on the rise, they’re a far cry from San Francisco’s inventory, where the median home price is $1,150,000. Teachers, astronauts, firefighters and restaurant servers are all priced out of this market.
On the converse, Detroit offers the most selection for the average homebuyer. Restaurant servers, earning the least of the occupations, can afford 75 percent of the homes in this market.