Monday September 19, 2022
Georgia Housing Market Trends
Georgia is one of the fastest-growing states in the U.S. New census data shows that Georgia added almost 114,000 new residents between the years 2020 and 2021. Moreover, new reports show that the population is expected to grow by 1.1 million residents by the year 2030.
As more and more people are looking into making Georgia their state home, housing trends are also likely to change in the following years.
Here's what you can expect.
A Strong Renting Market
One of the things that make Georgia such an appealing state is its lower-than-average housing costs. Moreover, Georgia also has lower taxes and a better, more affordable cost of living compared to other states. Add to this the fact that Georgia also had fewer job cuts during the COVID-19 pandemic, and you can see why experts predict a strong renters market in the next few years. As such, buying a home in Georgia and renting it might be a great investment.
The Demand for Buying Homes Will Increase
Boasting some of the lowest housing costs in the U.S., it's no surprise that the demand is high and homes are selling quickly. Georgia's real estate market is expected to remain competitive in 2022 and the years to come despite the slight increase in home prices and interest rates.
The steady population growth, as well as the recovering economy and job opportunities, are keeping Georgia's real estate market booming and in high demand.
Not only is Georgia the 13th most affordable state when it comes to housing costs, but its great infrastructure, fiscal stability, and good economy are likely to keep the real estate market strong for years to come.
Buy a New Home!
Are you interested in buying a new home in Georgia? Contact Landmark 24 to learn about and view available homes.