*The metro Atlanta housing market has officially been classified as unaffordable.
According to the Federal Reserve Bank’s 2022 index, “the average metro Atlanta resident can no longer afford to buy a house inside the perimeter,” per WSBTV.
“You’ve got to be willing to pay more than you think you should… probably more than what the house is worth right now,” said realtor Eric Decker.
Check out the video report above.
READ MORE: Rental Prices Rising in Atlanta, 1 Bedroom Apartment Costs $1715 a Month
The new data “measured factors like the median household income in an area plus costs of living, costs of homes, per CBS46.
Here’s more from the outlet:
The map says an index total that is less than 100 equals unaffordable. Gwinnett comes in at 91.7, Dekalb sits at 86.5, and Fulton is 98.2. According to the data, Gwinnett’s median income is roughly $71,000 but average costs of a house is about $361,000 with an interest rate of 6%. In Dekalb, median income is about $63,000 but homes average roughly $344,000. The interest rate is 3.6%. It’s the same interest rate for Fulton but the median income is about $83,000 while the homes costs an average of $393,000.
“We have a huge inventory shortage. In Atlanta particularly, inventory is about 50%, what it was in the beginning of 2020,” Zillow economist Nicole Bachaud told CBS46.
Bachaud says this will cause the costs to continue to steadily rise.
“A lot of affordability issues in the rental market.” She continued, “if you go re-sign your lease right now, a lot of renters are seeing sticker shock. Where it’s hundreds of dollars a month difference.”
“Mentally and emotionally, it’s just very stressful. You don’t know what you’re going to do, where you’re going to go,” said local resident Dujuana Webster.
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