When you're looking for a place to live, there are many factors that go into your decision. But one thing is certain: The people of Georgia have been proven time and again as some of the most welcoming in America, and the state boasts low taxes on housing costs combined with an affordable cost-of-living index.
The Great Outdoors
One of the best things about living in Georgia is that there is no shortage of things to do outdoors. From hiking and camping in the north Georgia mountains to kayaking and fishing along the coast, there is something for everyone who loves being outdoors. And with over 50 state parks and nine national forests, you’ll never run out of places to explore.
Georgia is also a great place for golfers. With mild winters and warm summers, you can play golf year-round. And with over 400 golf courses across the state, you’ll never get bored. In fact, some of the best golf courses in the country are located in Georgia, including Augusta National Golf Club, home of The Master's Tournament.
A Thriving Economy
Georgia has a thriving economy with a low cost of doing business. According to Forbes magazine, Georgia is the fifth best state for business in the country. The state’s pro-business environment includes competitive tax rates, a skilled workforce, and a commitment to economic development. These factors have helped attract major businesses to Georgia, including Coca-Cola, Delta Air Lines, Home Depot, and UPS.
In addition to being good for business, the strong economy has also helped keep housing prices affordable. The median home price in Atlanta is $262,000, which is significantly lower than other major cities such as Boston ($610,000), San Francisco ($1 million), and New York City ($1 million).
The state of Georgia also has affordable taxes, which make it a great place to live and do business. The state's personal income tax rate is just 5.75%, while the corporate income tax rate is 6%. Property taxes are also relatively low, with a statewide average effective rate of 0.91%. This is well below the national average of 1.08%.
A Quality Education System
Another reason why Georgia is a great place to live is because of the quality of its education system. The state offers many public and private colleges and universities, including Emory University, Georgia Institute of Technology, and the University of Georgia. In addition, students looking for an affordable education can take advantage of one of the state’s many technical colleges or community colleges.
Strong Markets: Real Estate and Rentals
MoneyWatch also reports that "out-of-state investors are gravitating toward the daisy chain of often overlooked and out-of-the way markets" in smaller cities like Augusta, Georgia. With its performance over last year as an example, it's easy to see why this has been such a hot spot for buyers!
The median sales price for homes increased 21% between April 2019 & 2020 (according to the Georgia Association of Realtors), while listings dropped nearly 9%. So, there is still a great opportunity for buyers in the Augusta real estate market.
Real estate prices in the state of Georgia continue to rise. The median home value is $306,113 according to Zillow (as of April 2022). This increase comes after an 80% growth over five years and a 17% climb just last year! Taking these numbers into account with our current 26-day market time frame indicates that there may be even more potential buyers looking for their perfect property right now - so get yours on lock before they're gone forever.
The rental market has been strong as well. According to Rent Café, the average rent for an apartment in Augusta is $959, which is a 4.3% increase from last year. With its affordable cost of living and thriving economy, it’s no wonder that Augusta is a popular place to live.
Renting is more affordable than buying in most parts of the country, and that's especially true for those living near Atlanta. The median monthly cost to rent a 3-bedroom home ($1,990), as opposed to owning one with similar features, isn't compelling enough when you consider how much it would hurt your wallet if prices went up or down by even just 1%. In fact, 36% of all housing units across this state are occupied by renters who make less money on average than homeowners do!
There are many reasons why Georgia is a great place to live and invest in real estate. From its outdoor recreation and mild climate to its thriving economy and quality education system, there is something for everyone in Georgia. If you’re thinking about investing in real estate in 2022, be sure to keep Georgia at the top of your list!