A Thriving Metropolitan
The ATL, Hotlanta (does anyone still say that anymore?), A-Town, Hollywood of the South, City in a Forest, or just plain “A” . . . Atlanta, Georgia is a city rich in culture, industry, and community. What makes this city stand out? What is attracting so many to visit and stay? Outside of recording studios, the new booming movie industry, World Class sports teams, Civil Rights activism center, reigning Coca-Cola capital, and attractions like the Georgia Aquarium, Atlanta is emerging as a top-rated U. S. city to live and work in. Metro Atlanta has the 3rd-highest growth rate of large metro cities in the last 10 years. Georgia population is now 10.8M, which makes it the 8th most populous state in the U.S. Last year, in 2021, we had the 5th highest growth in the country. What is driving people to Georgia, and to Metro Atlanta, in particular? The most relevant factors appear to be jobs, affordability, and lifestyle.
Jobs
Have you been hearing about national and international companies moving a regional or national headquarters to Atlanta? Rivian, Hapag-Lloyd, Google, Visa, Microsoft, Micron Technology, Mercedes Benz…the list grows daily. Job growth in Metro Atlanta may be the #1 reason for the city’s population growth.
Georgia is attractive to businesses, big and small. Ranked #1 in the nation as the Best State for Doing Business, Georgia maintains desirable criteria including a lower overall cost of doing business, a cooperative and responsive state government, a competitive labor environment, robust workforce development programs and attractive available real estate. Home to 16 Fortune 500 companies, Atlanta is ranked #1 Metro Area for Tech Diversity and Growth Potential as a Tech Hub. A majority of tech companies moving to Atlanta cite the recruitment of Georgia Tech students and grads as a draw. Small tech startups are a large part of the Metro business growth as well. Movie studios are popping up all over the Metropolitan area. In fact, you can’t drive around the Metro Atlanta one single day without spotting the yellow directional signs posted for cast, crew, and extras in a Netfilx show or the next blockbuster movie in the works.
Affordability
And Atlanta remains in a positive position as far as housing affordability. At the end of 2021, the average cost of home ownership was 28.7% of income. Compared with Denver, CO (35%), Austin, TX (37%) and Brooklyn, NY (78%) Atlanta’s housing affordability is attractive to would-be homeowners. Inventory levels are expected to improve in 2022, with new construction re-appearing as an option for many. This year more jobs in construction are being filled and the the supply chain bottleneck is easing (although some continued delays can be expected) and costs of materials appear to be leveling out as well. Looking across Metro Atlanta, most new construction sales are in Fulton and Gwinnett Counties, at a variety of price points. The acceleration of new construction availability will boost the strained supply of houses on the market and may help the residential real estate market lean away from a Seller’s Market toward a more Balanced Market.
Lifestyle
Atlanta ranks in the top tier of cities considered “Most Neighborly” within criteria based on satisfaction with neighbors, community sense, and residents’ involvement in community activities. Atlanta is a top 5 large market for millennials — who are the largest generation of current homebuyers. Proximity the the Hartsfield-Jackson International Airport is a strong attraction to living in Metro Atlanta. Our airport serves 150 U.S destinations and over 50 countries around the world. It’s the busiest airport in the U.S, and second busiest in the world. The mild climate in Atlanta affords for practically year-round outdoor living. Georgia’s great outdoors offers a variety of exhilarating activities: whether it’s hiking from the beginning of the Appalachian Trail, canoeing through the Okefenokee Swamp, basking in the sunrises and sunsets of a coastal beach, weekending at the lake, riding a lazy raft down the Hooch, or bicycling among the flora of Calloway Gardens, we can certainly find a recreation that suits us!
“Atlanta can expect the strong housing market to continue. With moderate price appreciation, supported by population and income growth, low unemployment, and relative affordability, Atlanta is expected to outperform national housing market growth.”
Harry Norman, REALTOR’s publication, “Metro Atlanta Residential Real Estate Forecast, 2022.”
If you’d like a copy of our 2022 “Metro Atlanta Residential Real Estate Forecast”, please let me know via email and I can pop one in the mail to you! elizabethkay.pinder@harrynorman.com
Resource: inspired from Harry Norman, REALTOR’s Publication “Metro Atlanta Residential Real Estate Forecast, 2022.”
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