Thousands of people move to Atlanta each year, and many of them struggle to find affordable housing.
For over twenty years the city of Atlanta has been called a ‘Mecca of Opportunity’. The city gained this title after hosting the 1996 Olympics. The Olympics put Atlanta under an international spotlight, which gave the rest of the world a chance to see what the city had to offer in terms of business development and lifestyle. This in turn resulted in thousands of businesses and millions of people relocating to Atlanta over the past two decades.
Overall business owners have found the city of Atlanta to be very affordable, but individuals not so much. Just like many other cities, Atlanta’s real estate prices have been steadily increasing. This includes both homes prices and rental rates. As a result of this, new residents oftentimes struggle to find affordable housing. Many of these people move to Atlanta with only a small amount of savings, so it is hard for them to come up with a rental deposit or down payment. Most mortgage companies today are requesting a 3 to 5% down payment, and many local apartment complexes are requiring two to three months rent as a deposit. All this can easily add up to thousands of dollars.
The best advice to those who are thinking about relocating to Atlanta is to research the local real estate market first before you relocate. If you have a job lined up and are looking to purchase a new home, you should look on real estate sites real like Estately or Zillow to find out what the current housing prices are. Of course the prices will vary based on the area, but doing this research will at least give you a starting point.
One of the first things newcomers need to know about Atlanta real estate, is that home prices are typically very high on the north side and cheaper on the south side of town. If you don’t have children and don’t need to live near a good school district, you might want to look at homes in Clayton or South Fulton counties. Both of these areas have beautiful homes, and many are priced under $100,000.
Another south side community that offers affordable housing is Fayette County. The homes in this area are somewhat higher than South Fulton and Clayton, but they are much cheaper than the same comparable homes on the north side of town.
For newcomers looking for an affordable apartment, the ones located on the south side will definitely be cheaper. Many of the apartments have on-site daycare centers, and most are located near public transportation. Some of the specific areas that offer affordable apartments are East Point, southwest Atlanta and College Park.