{"id":402,"date":"2016-09-07T14:49:00","date_gmt":"2016-09-07T14:49:00","guid":{"rendered":"http:\/\/dev.gahomesdigest.com\/blog\/atlanta-housing-market-millennials-boomers-and-x-ers-oh-my.html"},"modified":"2016-09-07T14:49:00","modified_gmt":"2016-09-07T14:49:00","slug":"atlanta-housing-market-millennials-boomers-and-x-ers-oh-my","status":"publish","type":"post","link":"https:\/\/search4.homes\/atlanta-housing-market-millennials-boomers-and-x-ers-oh-my\/","title":{"rendered":"Atlanta Housing Market Millennials, Boomers and X-ers Oh My!"},"content":{"rendered":"

Atlanta Housing Market Millennials, Boomers and X-ers Oh My!\u00a0<\/h1>\n

\"AtlantaEver since 2007 when the real estate market bubble burst there’s been a shift in the Atlanta Housing Market<\/strong>. \u00a0Many home owners “move horizon” got shifted a few years. \u00a0Now instead of moving up, many gen xers are staying in their home and waiting until their kids graduate. \u00a0While boomers are downsizing and finding nothing to buy and being forced to rent, stay or relocate. \u00a0For them the income is generally there to make the move but at the risk of their retirement plans.<\/p>\n

Low inventory means higher prices for homes to buy and for homes to rent, that’s why we’ve seen a 13% decrease in Millennial buyers<\/strong>. \u00a0This would be the first time buyer group. \u00a0Between the low inventory and investor presence the normal homes that this new generation of buyers would get are not available. \u00a0<\/p>\n

The Atlanta housing market is one to watch, ever since 2010 the market has been “on fire” with prices soaring and at that same time home ownership is one of the lowest in the country. \u00a0The biggest differences here are between the boomers and millennials<\/span>, with baby boomers owning 2 homes to every 1 that millennials\u00a0own.<\/p>\n

So we ask… what’s stopping millennials<\/span>\u00a0from buying? \u00a0Is it really price?<\/p>\n

\"Atlanta<\/p>\n

What’s it like to rent in Atlanta?<\/h2>\n

So we looked at what it cost to rent a 2 bedroom apartment in Atlanta and what you could get for the same in purchase power.\u00a0<\/p>\n

Out of the 900+ rental listings with 2 bedrooms in Atlanta (Atlanta is big!) we took the average of roughly $1,200 to $1,500 and came up with a representative property.\u00a0<\/p>\n

This property is approximately 900 square feet with 2 bedrooms and 1 bath. \u00a0It’s got moderately updated features with a contemporary feel. \u00a0 It’s not in a high rise with a great view. \u00a0It’s a condo in a townhome\/apartment feeling building. \u00a0The school systems are some of the worst although you can find pockets where elementary schools are good.\u00a0<\/p>\n

\u00a0<\/p>\n

What’s it like to buy a home in Atlanta?<\/h2>\n

So now we’ll take that same budget of $1,200 and look for housing in Atlanta. \u00a0First things first, we need to convert this $1,200 into a budget. \u00a0 $1,200 a month roughly translates to $250,000 but that doesn’t include taxes and insurance, so let’s bump it down to $1,000 a month or $211K. \u00a0So let’s just look at homes for sale $200K and below in Atlanta. \u00a0If you search you’ll find that there’s homes near buckhead that include a 6 bedroom home for $168K and a nice brand new condo for $200K.\u00a0<\/p>\n

\u00a0\"-\"<\/p>\n

Clearly available housing options isn’t the problem. \u00a0What do you think the reason for low home ownership is?<\/p>\n

Related Real Estate Resources:<\/strong><\/p>\n