A home in NYC or LA will cost you upwards of $1 million dollars. But there are parts of the country, where you can still reap the benefits of rapid home appreciation at affordable prices.
Atlanta, known as the “Capital of the South,” has risen from its historical significance as a transportation hub and the backdrop of “Gone With the Wind” to become a thriving metropolis and a prime destination for real estate investment.
The city’s rich history, vibrant culture, and booming economy make it an attractive option for those seeking to invest in real estate in the southern United States.
A Cultural Hub
Atlanta’s cultural significance is underscored by its role in the Civil Rights Movement, being the hometown of Dr. Martin Luther King Jr. The city has also given rise to numerous artistic talents, including Donald Glover, whose hit television series, “Atlanta,” portrays the city’s unique essence.
This combination of historical significance and cultural vibrancy contributes to Atlanta’s appeal, attracting ambitious young professionals from across the Southeast.
Real Estate Refugees
Many individuals who previously left the South for northern cities are now choosing to return to the region. However, they aren’t returning to their hometowns; instead, they are flocking to Atlanta.
This influx is partly due to the city’s diverse community and progressive political environment. Atlanta’s cost of living also plays a significant role in drawing real estate refugees.
Rapid Population Growth
Atlanta’s population growth is remarkable, with an increase of 400,000 people since 2015, according to the Census Bureau. This trend continued through 2020 and into 2022, with the metro area exceeding six million people, marking a 1.73 percent increase from the previous year. Such meteoric population growth often coincides with a burgeoning housing market.
Real Estate Market Dynamics
The Atlanta real estate market, while robust, has seen some changes in recent years. Median home prices in November 2022 reached $413,900, marking a 3.5 percent year-over-year increase, and the median home sale price was $395,000, up 4 percent year-over-year.
However, these meteoric price increases have started to slow down in line with national trends. The city and its surrounding counties offer a wide range of options suitable for almost anyone.
Agents in Atlanta have their pulse on the various communities that offer the most potential for growth.
One of Atlanta’s strongest assets is its diverse economy. It is home to 18 Fortune 500 companies, including giants like Home Depot, Coca-Cola, Delta Airlines, Aflac, and the United Parcel Service. Additionally, the city boasts Hartsfield-Jackson Atlanta International Airport, which held the title of the world’s busiest airport for two decades.
This diverse economic landscape contributes to Atlanta’s resilience in times of economic downturns, making it an attractive destination for real estate investment.
Atlanta’s 57 universities, including prestigious institutions like Emory University and Georgia Tech, provide a continuous influx of students, staff, and faculty. This dynamic academic environment creates a substantial demand for rental properties, making it an ideal choice for investors looking for consistent rental income.
Top Investment Opportunities
Now that we’ve highlighted Atlanta’s appeal, let’s explore some of the top investment opportunities in the city.
- Grove Park: This area has witnessed tremendous growth, driven in part by tech companies like Microsoft establishing a significant presence. The development of a 90-acre Microsoft campus in Grove Park is set to boost real estate investments further.
- Jonesboro: As the county seat of Clayton, Jonesboro offers historical charm and predicted employment growth, making it a promising location for real estate investment.
- McDonough: McDonough attracted significant investments and job opportunities, particularly in the e-commerce sector, which bodes well for real estate prices.
- South Metro Atlanta: The six counties in South Metro Atlanta have seen steady growth and offer good access to interstates, supporting both commercial and residential real estate markets.
- Dallas: Known for its excellent public school system and historical city center, Dallas in Paulding County is experiencing significant population growth.
- Forsyth County: This fast-growing county boasts new and affordable housing options, highly-ranked public schools, and a rising median household income.
- Woodstock and Canton: These suburbs north of Atlanta have seen substantial population increases, with Woodstock experiencing a 45 percent growth in the last decade.
- Dacula: Located in Gwinnett County, Dacula is known for its livability and good public schools, attracting families and real estate investors alike.
- Flowery Branch: Situated on the shore of Lake Lanier, Flowery Branch has seen a 62 percent population increase since 2010, making it an area of interest for real estate investment.
- Newton County: This county is experiencing significant population growth, driven by major investments from companies like Facebook, promising long-term rental property opportunities.
As Atlanta continues to grow and evolve, it offers diverse opportunities for real estate investment. Its cultural significance, booming economy, and educational institutions make it a magnet for people from all walks of life.
While challenges such as transportation and affordability persist, Atlanta remains a city where the real estate market is brimming with potential.
Whether you’re interested in urban developments or suburban investments, Atlanta’s real estate landscape offers a range of options for savvy investors looking to capitalize on the “Capital of the South.”