Located in low foothills of the Appalachian Mountains, Atlanta is the third largest metropolitan region in the Southeast, behind the Greater Washington and South Florida areas.
For decades the Atlanta metro area experienced rapid growth, attracting families from all over the Southern United States as well as the Midwest. The population grew close to 4% annually, to match the demand of new jobs – many of them in the high-paying sectors, including manufacturing. Investments in Atlanta real estate could hardly go wrong, as home builders struggled to keep up with the constantly growing demand.
Today, Atlanta’s growth has slowed a bit, but there’s no sign it’s stopping anytime soon. Here’s what the numbers look like:
In January 2017 the median purchase price of 3 bedroom single family homes in the Atlanta area was $152,000.00. This is 18.72% lower than the national average for 3 bedroom homes.
In the neighborhoods where RWN invests, the median purchase price was only $126,716.94 in January 2017. This is 16.63% more affordable than the the total metro area AND 32.24% more affordable than the national average.
Between January 2016 and January 2017, 3 bedroom single family homes in the Atlanta metro appreciated by a median 8.57%. This is 2.32% higher than the national average of 6.25%.
During the same period, rents for 3 bedroom single family homes in Atlanta appreciated by an average 4.11%.
Between July 2015 and July 2016, Atlanta’s population grew by 1.72% versus 0.80% nationally.
In the last year, 74,500 new jobs were created in Atlanta – an annual growth rate of 2.85%. Again, this is a higher rate than the national average of 2.35%.
This data shows us that there are still great opportunities for real estate investors – especially those looking to purchase affordable turnkey homes for around $126,000 (and in many cases a lot less) that will rent for about 1% of the purchase price, and also have a strong chance of appreciation.