Okay. I was thinking not much High paying jobs there
I think Amazon, Microsoft, Google, and Salesforce all have offices in Atlanta now. Not to mention startups that spin from Georgia tech grads.
You are right, it’s all remote job boom that causes this spike. Atlanta has plenty of space, people don’t have to buy my old house for double the price just because it’s 5 minutes nearer to the highway.
I recently moved here, lived here around 2015. Prices are doubled and with RTO, they have no other option but to come back down, local market doesn’t support these prices.
Couldn't agree more. Recently visited atlanta to evaluate the area went to an open house there are lines to see the house similar to 2021.
No way. There's plenty of markets like bay area Seattle and New York with crazier income to housing price ratio. It just is what it is
Atlanta market is still holding the price , plenty of IT jobs are moving to Atlanta
It will continue to move up as it’s got better weather than most states and business friendly policymakers. Also less far right or left compared to other states..
Yeah its bullshit. I've seen people say Austin is more expensive which is bat shit insane
People say that because it's true. Median SFH price in Austin metro area is $556k. The median SFH price in Atlanta metro area is $365k as of Q4 '22. Despite recent increases, Atlanta is still middle of the pack for real estate costs. Even Dallas and Phoenix are more expensive. https://cdn.nar.realtor/sites/default/files/documents/metro-home-prices-q4-2022-ranked-median-single-family-2023-02-09.pdf
With remote work, talent is spread out. You have more tech companies in ATL now than pre-Covid times
People arent buying. Very few transactions taking place.
House which was around $500k is $1M now in good school districts. So, the monthly mortgage payment comes out to be around $7k. It's so weird all the other people who just bought 2-3 years are still paying under $3k for the same house in the same neighborhood
Single family new home in good school district is not possible for someone make $200k salary in Atlanta.
Paid 400 for mine and taxes marked it as 650 few weeks ago. In the Lassiter (10/10) district. Got lucky that I bought a few years ago, would be much harder to afford now.
The housing market in Atlanta is extremely saturated. Unlike other areas where RE market got crazy during covid and also saw some correction thereafter, Atlanta hasn't seen any real correction. Job market isn't the best here from a tech perspective. It's only Google and Microsoft (from FAANGMULA) which has a little bit of presence here, but nothing in comparison to Austin. I'm personally looking to GTFO here.
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It’s crazy here. A lot of people and companies think it’s a great rental area which drove up the price. https://www.wsj.com/articles/atlantas-no-1-broker-bought-homes-for-big-investors-from-600-miles-away-11652779803 That’s even in spite of every cow pasture I see turned into a neighborhood. But some companies buy whole communities and the whole place is only for rentals then.
And a lot of tech companies are opening sites in Atlanta. I think that brought a lot of California money with them.
The volume of employees being hired by Microsoft, Amazon, Google, Airbnb, Snowflake, etc., in the metro area is nowhere near the volume required to cause such a spike in home prices. The primary culprit for soaring prices in Atlanta demand from investors. Atlanta for the longest time was seen as the best market to own an investment property due to the ratio of rent : house price. So much that in a 12 month period, one out of three single family homes in the metro were bought by investors. (Source: https://www.ajc.com/american-dream/investor-owned-houses-atlanta/) Despite all of that, the median house prices in Atlanta is significantly smaller than its economic output would suggest. 10th largest metro area by GDP, 9th largest by population, but 72nd in median house prices. (Sources: 1. https://en.wikipedia.org/wiki/List_of_United_States_urban_areas 2. https://en.wikipedia.org/wiki/List_of_United_States_urban_areas 3. https://cdn.nar.realtor/sites/default/files/documents/metro-home-prices-q4-2022-ranked-median-single-family-2023-02-09.pdf) So while the recent increases have been hard, Atlanta is not as bad as people make it out to be. Folks complaining about how bad Atlanta real estate, have no idea how much worse some of the other major metro areas are. One thing I will concede on is that local pay, especially for the tech industry in Atlanta is significantly lacking. Atlanta primarily has "IT" and operations shops for legacy fortune 500 companies like Delta, Coca Cola, Home Depot etc., and Banks that treat tech as a cost center, their pay is pretty shit. I spoke to two different startups and visa, and home depot. For director roles, they were offering me 40% less than I make as a first level line manager in Airbnb. The only path to keep my TC is to stay in Airbnb or find other bay area remote tech companies like Reddit, Stripe, etc.