ATLANTA — Anyone on the hunt to buy a home in metro Atlanta knows that it’s going to be tough.
Between low inventory, high interest rates and competition from private investment companies, becoming a homeowner in Atlanta is harder than it has been in decades.
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As it turns out, it is actually slightly less expensive to buy in our fair city than the national average.
But there is a silver lining, according to a new report. Finance website Visual Capitalist calculated how much money you need to make to buy a home in 50 major metropolitan areas, based on data from Home Sweet Home.
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The median home price across the country is $370,000 in 2022, meaning a single buyer would need to make a salary of $75,500 to buy a home.
Atlanta, which came in at #32 for the most expensive housing markets, the median home price is about $20K less.
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In Atlanta, the study found that the median home price is $350,300, and a buyer needs to make $69,619 a year to afford the mortgage.
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By comparison, the median home price in New York City is $578,100. Los Angeles is around $792,000 and San Jose, which is #1 on the list, has a whopping median home price of $1,875,000. Buyers there need to earn over $330,000 a year to pay off a mortgage at a monthly rate of $7,718.
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