As one of the fastest-growing states in the nation, Georgia added over 116,000 people between 2022 and 2023.
With hot summers and mild winters, Georgia offers an appealing climate. But what about homeownership costs? Here’s an in-depth look at the real estate market and the costs associated with purchasing a home in Georgia.
Georgia’s Real Estate Market:
Median Home Price (June):
$389,000 (below the national median of $427,000)
Price Variations:
Atlanta: $434,460
Alpharetta: $777,000
Savannah: $345,000
Rural Areas: Generally lower prices
Monthly Mortgage Payments:
Example Payments (30-year loan, 6.8% interest, 20% down payment):
Atlanta home ($434,460): $2,266/month
Savannah home ($345,000): $1,799/month
Down Payment Requirements:
Conventional Loans: 3%
FHA Loans: 3.5% (credit scores 580+) and 10% (credit scores 500-579)
USDA Loans: No down payment if qualified
VA Loans: No down payment if qualified
Closing Costs:
Average Rate: 1.3% of home price
Median-priced home ($389,000): ~$5,000
Shared Expenses: Between buyer and seller
Includes: Mortgage fees, inspections, appraisals
Agent Commissions: May be paid directly by the buyer
Moving Costs:
Hourly Rate for Movers: $101
Total Costs: Vary by distance and amount of items
Homeownership Costs:
Maintenance: 1-4% of home’s value annually
Median-priced home ($389,000): Up to $15,560/year
Home Insurance: $1,965/year for $300,000 coverage
Property Taxes: Vary by location
HOA Fees: Vary by services and amenities
Strategies to Reduce Costs:
Opt for a Smaller Property: Consider condos or townhouses
Choose a More Affordable Location: Expand your search to include budget-friendly areas
Ask for Seller Concessions: Negotiate for repairs or closing costs
Monitor Mortgage Rates: Compare rates for the best deal
Next Steps: If you’re considering moving to Georgia, reach out to Atlanta Seniors Real Estate. Our expertise can assist you in navigating the market to find a property that suits your needs.
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