Home ownership continues to decline in the Atlanta area. In 2009, 51.3% of residents were owners, in 2016 that declined to 43.6%. That’s a huge swing and while it’s a national trend, the drop in Atlanta is higher than many of the other top 100 cities in the country. To put it in perspective, Detroit has a current level of 49.4%…Detroit!
Prices began rising in later 2012 and have not stopped. Investors bought thousands of homes to rent and a dearth of inventory has fueled demand. The cities also see boomers looking to move back in from the suburbs now that larger homes are no longer needed. As prices rise and inventory remains tight, the price of ownership is simply beyond reach of many would be buyers. Changing demographics, employment centers, the composition of households and the economy are all key players. Some studies suggest the trend toward renting will continue into the 2030 time frame; a bold prediction given how fluid everything is.
Everything is cyclical so stretching that far out is likely nothing more than a dart toss…but for many buyers at this time, it’s tough sledding. Now more than ever, use an experienced real estate agent!