Atlanta remains one of the most affordable real estate markets nationwide, compared to 26 other metro areas and when you ask this specific question: How much do you need to make annually to buy a home?
In Atlanta, you need to make $35,800, according to mortage research site HSH.com. That should cover the principal, taxes, interest and insurance payments on a median-priced home. (The number crunching "took the National Association of Realtors' fourth-quarter data for median-home prices and HSH.com's fourth-quarter average interest rate for 30-year, fixed-rate mortgages.")
Atlanta's number makes it cheaper than every other Southern metro area included, ahead of Miami, Dallas and Orlando, Fla. And metro Atlanta is among the cheapest of all metro areas, nationwide — on par with Cincinnati ($33,485), Cleveland ($32,010) and Pittsburgh ($31,716).
The theme of these numbers was increased affordability, according to HSH: Prices declined from the third quarter into the fourth for all but one of the surveyed areas, even as year-over-year prices continue to climb.
"Home prices in metro areas throughout the country continue to show solid price growth, up 25 percent over the past three years on average," NAR Chief Economist Lawrence Yun told HSH. Falling mortgage prices also contributed to the affordability.
As the AJC's Chris Seward reported in January, "Metro Atlanta's housing market ended last year with strong gains in sales and price appreciation, and while this year may not be as robust, housing experts expect the market to continue to strengthen."
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