Anyone on the hunt to buy a home in metro Atlanta knows that it’s going to be tough.
Between low inventory, high interest rates and competition from private investment companies, becoming a homeowner in Atlanta is harder than it has been in decades.
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But there is a silver lining, according to a new report. Finance website Visual Capitalist calculated how much money you need to make to buy a home in 50 major metropolitan areas, based on data from Home Sweet Home.
As it turns out, it is actually slightly less expensive to buy in our fair city than the national average.
The median home price across the country is $370,000 in 2022, meaning a single buyer would need to make a salary of $75,500 to buy a home.
Atlanta, which came in at #32 for the most expensive housing markets, the median home price is about $20K less.
In Atlanta, the study found that the median home price is $350,300, and a buyer needs to make $69,619 a year to afford the mortgage.
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By comparison, the median home price in New York City is $578,100. Los Angeles is around $792,000 and San Jose, which is #1 on the list, has a whopping median home price of $1,875,000. Buyers there need to earn over $330,000 a year to pay off a mortgage at a monthly rate of $7,718.