Buying a home in Georgia is manageable for many families, though it takes real commitment. The typical home costs $303,300, which is about 3.9× of the typical household income of $77,353 a year. A family saving their entire income would need around 3.9 years to cover the purchase price — before mortgage interest, taxes, or upkeep.
Renters face serious pressure. The typical rent in Georgia is $1,393 a month, and 48% of renters spend more than 30% of their income on housing — the point at which most financial advisers say rent becomes unaffordable. That figure is 7% higher than the national average of 45%.
16.6% of Georgia homeowners with a mortgage spend more than 30% of their income on housing — above the national average of 16.1%.