Powder Springs, Lilburn rank among nation’s most affordable for home-buyers

Two metro Atlanta towns, one in Cobb County and the other in Gwinnett, have earned bragging rights for home-buyers getting the biggest bang for their buck.

Money magazine ranks Powder Springs in Cobb and Lilburn in Gwinnett as No. 4 and No. 5, respectively, among the nation’s top 25 towns and cities for home affordability.

After years of tanking, home prices in metro Atlanta and Georgia continue to rise, partly because of the tight supply of homes for sale and because foreclosures are also declining, putting additional pressure on available supply. Bargains, however, can be found in at least two metro areas, according to Money.

The home affordability list is part of Money’s annual Best Places to Live report, which also considers top-earning towns, best big city neighborhoods and best places for the rich and single. Three Georgia towns appear among the 50 Best Cities: Suwanee (No. 33) in Gwinnett, Evans (43) in Columbia County and Peachtree City (48) in Fayette County.

Money said Powder Springs in west Cobb has “a charming downtown” and pleasant quality of life. The median price of a home in Powder Springs is $85,000 while the median income is $68,168.

The median price of a Lilburn home $84,478 and the median family income is $64,762. Money cites Lilburn’s growing south Asian community as an example of its growth. Lilburn also has “a fine school system, safe streets and proximity to Atlanta.”

Money focused on areas that had more than 100 home sales in 2012 and that also experienced job and population growth. The sales data came from county assessors’ offices, the magazine said.