The cost of housing across the state is on the rise, and affordable options continue to move farther away from bustling city centers. But if you’re in the market for a new home, some locales certainly fare better than others.
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According to the latest estimates from the Census Bureau's American Community Survey, "the premier source for detailed population and housing information about our nation," the Georgia median multiple is 3.1, a year-over-year decrease of 0.7 percent.
A median multiple, according to HomeArea.com, "answers the question, 'how many years would it take for the median income to pay off the median home price?' A median multiple under three is considered affordable. People in these areas have a relatively easier time paying off a home.
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For their new report, analysts at the housing website looked at all Georgia cities with a population of at least 60,000 (and with enough census data) to determine the places with the lowest median multiple — or the most affordable homes.
According to the report, the No. 1 city for most inexpensive homes is Warner Robins, which boasts a meager median multiple of 1.9, median home value of $111,300 and median household income of $45,000. The poverty rate in the middle Georgia city is 20 percent. The state’s overall rate sits at 14.9 percent.
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Augusta-Richmond County (2.7) and Albany (2.9) also had affordable median multiples, but both metros have poverty rates higher than Warner Robins’.
In Augusta-Richmond County, the median home value is $101,200; median household income is $38,000; and 25 percent of its population is considered impoverished.
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Albany’s poverty rate is 34 percent. And, according to HomeArea, com, the southwest Georgia city has a median home value of $98,200 and median household income of $29,000.
Census data shows Sandy Springs, Atlanta and Roswell are among the state’s most expensive metros for homebuyers, but with a 3.7 median multiple, Johns Creek experienced the largest year-over-year increase. It jumped 16.7 percent from its previous 3.2 median multiple.
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Here’s a breakdown of median multiples, median home values, median household incomes and poverty rates among Georgia’s most affordable and most expensive large metros:
1. Warner Robins
Population: 69.695
Median multiple: 1.9
Median home value: $111,300
Median household income: $45,000
Poverty rate: 20 percent
2. Augusta-Richmond County
Population: 196,395
Median multiple: 2.7
Median home value: $101,200
Median household income: $38,000
Poverty rate: 25 percent
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3. Albany
Population: 77,196
Median multiple: 2.9
Median home value: $98,200
Median household income: $29,000
Poverty rate: 34 percent
4. Macon-Bibb County
Population: 152,663
Median multiple: 3.1
Median home value: $117,300
Median household income: $38,247
Poverty rate: 26.7 percent
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5. Columbus
Population: 194,949
Median multiple: 3.3
Median home value: $133,300
Median household income: $41,000
Poverty rate: 20 percent
6. Savannah
Population: 139,620
Median multiple: 3.5
Median home value: $145,900
Median household income: $36,000
Poverty rate: 26 percent
7. Johns Creek
Population: 79,352
Median multiple: 3.7
Median home value: $324,800
Median household income: $109,000
Poverty rate: 5 percent
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8. Alpharetta
Population: 59,553
Median multiple: 3.8
Median home value: $311,100
Median household income: $86,000
Poverty rate: 4 percent
9. Athens-Clarke County
Population: 117,749
Median multiple: 4.2
Median home value: $156,700
Median household income: $33,000
Poverty rate: 37 percent
10. Roswell
Population: 90,959
Median multiple: 4.4
Median home value: $290,100
Median household income: $80,000
Poverty rate: 9 percent
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11. Atlanta
Population: 432,589
Median multiple: 5.2
Median home value: $210,000
Median household income: $47,000
Poverty rate: 25 percent
12. Sandy Springs
Population: 96,584
Median multiple: 6.7
Median home value: $424,700
Median household income: $63,000
Poverty rate: 12 percent
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