This metro Atlanta city may become unaffordable by 2026

Caption
How much is the median home price in metro Atlanta?.The pandemic has stimulated home prices in Atlanta, not just the suburbs.The first quarter of 2021 saw Atlanta in a seller's market, meaning the demand for homes outweighed the supply, Realtor.com reported.In April 2021, the median list price of Atlanta homes was $379,900

It’s no secret that house prices in and around Atlanta are climbing.

But in some areas, the costs may grow so high that they’ll become unaffordable.

ExploreThriving Rite At Home: Atlanta showroom owner on growth, future

GoBankingRates has conducted a study on the major U.S. cities that are affordable now but won’t have that title in the future.

Gathering 300 of the countries largest cities, the analysis used Zillow’s one-year forecast to predict each city’s home value increases in the next 10 years. Afterward, the personal finance resource pinpointed where the change would grow beyond the national median home value. Currently, the national median is $259,906 and is anticipated to increase 7.0% in 2022. It will grow over the median within the next decade.

“Granted, this approach comes with some caveats. Projecting into the future based on a single year’s growth rate could ultimately paint an unfair picture in markets where the current rate is an anomaly. Additionally, Zillow’s estimated home values don’t necessarily reflect the list prices or sale prices in each market,” GoBankingRates said. “Still, identifying the areas that are outpacing the national average for growth can help shed light on the cities where you should buy a home sooner rather than later.”

ExploreBudget-friendly lighting ideas to make your home look more expensive

Of the 22 cities on the list one Georgia town was included.

Lilburn’s population is over 12,700. Last year, the home value was $255,833. It’s projected to grow 7.3% in one year. Unlike other cities on the list, there’s some time before the Gwinnett County city is projected to become too expensive. That won’t happen until 2026 when the projected home value is $390,441. By then, the projected median U.S. home value will be $390,049. So Lilburn’s home value will be $392 greater than the national average.

As of now, Lilburn’s average home price is $221,600 according to Best Places. It also has a 2.6% lower cost of living than the federal average. The city has had 7.1% population growth since 2010.

About the Author

ajc.com

Editors' Picks