During a recent study conducted by NerdWallet of over 170 major cities, Atlanta ranked in the top 10 “Most Affordable” metro areas. A combination of the higher than average incomes and lower than average home costs kept Atlanta at the top of the list.
In addition to the being considered one of the most affordable major metro areas, Atlanta was also ranked as the 3rd fastest growing city, just behind Dallas-Fort Worth and Houston.
While rising home prices for many consumers may cause them to question this ranking, the U.S. Census Bureau numbers, along with the results of the NerdWallet survey, show that median home price in Atlanta were $228,000 this year. On top of that, the median household income of Atlantans was over $62,000. This is much more affordable than the least affordable metro area from the list, Seattle. Seattle came in with median home prices of $530,000 and a median household income of only $78,000.
Not only are the residents of metro Atlanta paying less for homes than most over big city residents, they are paying the least in principal and interest fees, at 18.2% of their monthly income. That is the lowest number nationwide.
Atlanta is known for its fast-growing and diverse neighborhoods. From the results of this study, it looks like it will continue to see more growth in the metro area for the foreseeable future. And while home prices have been on the rise, statically they are no more inflated than the rest of the major metro areas throughout the nation.