Have you been scouring the real estate market in Atlanta searching for the perfect home to buy? If this is your first time buying a home in the Atlanta real estate market, you need to check the overall state of the market first. Atlanta has recently been ranked among the best cities in the US for first-time home buyers, and is better than Memphis and Orlando in terms of popularity.
Zillow conducted an analysis of the Atlanta real estate market, and accounted for different metrics in the real estate market of all major cities in the US. They looked at metrics like:
- Median home values
- Expected 1-year appreciation rates
- Available inventory
The results of the research showed that the best real estate markets where in the Midwest and the South. The best cities for first-time home buyers included Tampa, San Antonio, Birmingham, Oklahoma City, and Atlanta.
Why Atlanta?
If you are wondering why Atlanta features on the list of best places for a first-time home buyer, I am going to be dissecting all metrics the Zillow report looked at. This will provide us with valuable insight into why Atlanta is attractive for people, who are buying their first home in the city. I have been in the real estate industry for over 27 years, and in my experience, one of the main reasons why Atlanta is preferred by many people is because home prices in the city aren’t over-the-top. They have always been very affordable, which makes it attractive to younger people.
Let’s check out the state of the Atlanta real estate market for first-time home buyers:
Extensive range of options
Atlanta features a diverse range of housing options for first-time home buyers, which meets their lifestyle, budgets, and interests. There are lots of diverse opportunities and neighborhoods in the city, offering something for everyone.
Young professionals looking for an urban lifestyle will find condos and high-rise apartments easily. Families and individuals wanting a taste of suburban living, will find plenty of affordable properties in the outlying communities. There are lots of great homes in old neighborhoods that have been revitalized and are now artistic hotspots.
More value for money
One of the main reasons why Atlanta is a great place for first-time home buyers is because they get more value for buying a home here, than renting one. It makes sense financially to buy a home in Atlanta, if you plan on living here for more than 2 years. The real estate market in Atlanta is at the ‘breakeven horizon’, which makes it very affordable and attractive for first-time buyers.
Lower median home values
Atlanta may be one of the highest commercial hubs in the US, but that hasn’t affected the median home values, which are well below the national average. AJC reports that the median home value in Atlanta is $175,800 compared to the national average of $196,500. This makes it easier for first-time home buyers to purchase bigger homes at less prices, and means lower down payments on a new home.
Lower median home values allow more buyers to qualify easily for a home in Atlanta in comparison to other real estate markets. If you want to stay up-to-date with the Atlanta real estate market, check out my YouTube page, and visit Platinumrealestate.com today.