If you want a home in Atlanta, you might need a raise.
Metro Atlanta homebuyers make more money than they did before the pandemic — but it's not nearly enough to keep up with the surge in home prices.
By the numbers: The median income for metro Atlanta homebuyers in 2021 was $94,000, up 13% from 2019, according to a Redfin analysis of mortgage data in the 100 largest metro areas in the U.S.
- Meanwhile, median home prices surged 40% during that time, the analysis says.
- The average home costs around $380,000 today, according to Georgia MLS.
What's happening: Remote workers have been moving from pricey job centers and intensifying homebuying competition, with their higher salaries, in many previously inexpensive cities.
Threat level: The trend isn't slowing down. The number of buyers nationwide looking to relocate hit an all-time high in July, Redfin reported.
- Rising interest rates, inflation and permanent work from home pushed even more home shoppers to look for more affordable cities.
- More than 12,500 active listings were on Georgia's market in August, nearly double the number the same time last year, MLS says.
Zoom in: Of Redfin users searching for homes in metro Atlanta, 20% were from outside of the area in the first quarter of 2022.
- Just under 12% of those searches were coming from folks in the New York City metro area, followed by Los Angeles and Washington, D.C.
The latest: The median home price in Atlanta continues to climb, even as home sales slowed.
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