ATLANTA — The market is shifting, and multiple real estate companies say it’s a buyer’s market.
But in Atlanta, what does that mean? Should you try to buy a home and get a mortgage, or stick with renting?
Real estate analysis company ATTOM reported Thursday that the United States saw a nearly 14% increase in foreclosures over the last year, with Warner Robins, Ga., among one of the worst areas for foreclosures as of April.
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The Houston County city had one foreclosure for every 1,512 units in the area, according to ATTOM’s data.
Rent prices were down nationally in April, according to Realtor.com, which means Americans are spending less of their annual income on staying where they live.
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For Atlanta area residents, they’re spending almost 4% less on rent, but more than 20% of their income was still going toward housing costs.
However, in terms of the housing market, it’s not all positive trends, except numerically.
Zillow’s latest rent report showed that the income needed for an Atlanta renter to afford the monthly costs rose to over $80,000 for a single-family home.
While prices shifted enough in April to make the income needed to rent slightly lower for those in multifamily units, such as an apartment complex, the average income needed was still almost $67,000 per year.
Month-to-month, Zillow said a single family’s rent was about $2,228 on average, while those in apartments were averaging about $1,700 per month.
Generally, Atlanta renters are paying about 25% of their income on rent in April, Zillow data showed.
However, for Atlantans able to buy a home, the trees are thinning, even if they’re not quite out of the woods.
“Economic anxieties disrupted the start of the home shopping season. In April, many households didn’t know what was next for their jobs, investment portfolios or budgets. This kept some buyers on the sidelines, waiting for clearer economic signals before making major purchases like a home,” Zillow senior economist Kara Ng said Thursday. “As uncertainty has since eased, improved availability and affordability in homes could lead to a rebound in the coming months.”
Zillow reported the April home value average for Atlanta was about $388,500, a 2.4% drop from the year before. The amount of available homes also rose 8.2% as far as new listings, and inventory was overall up more than 31% in the past year.
With mortgage rates remaining below 7% nationally, the federally backed mortgage company Freddie Mac said the stability is helping homebuyers get into the market.
According to the company’s weekly mortgage tracker, purchase applications were up 18% compared to last year, and the average 30-year fixed rate mortgage was 6.81% as of Thursday.
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