Atlanta, GA
Study puts Atlanta’s housing at No. 5 most overpriced in the nation
Florida Atlantic College’s research seems at historic developments in housing costs.
ATLANTA — Researchers at Florida Atlantic College say Atlanta has one of the vital “overpriced” housing markets in the USA.
They checked out 25 years value of dwelling costs throughout the nation. Their research concluded that present housing costs in Atlanta are 58% above what they might be had they adopted historic developments. That locations Atlanta at No. 5 within the nation, the research confirmed.
In line with the web site, researchers Ken H. Johnson, Ph.D., and Eli Beracha, Ph.D., developed a strategy to attain the highest 100 most overpriced or underpriced metropolitan cities within the U.S. utilizing open-source knowledge from Zillow or different suppliers.
At present, the typical worth for a house in Atlanta is $367,000. That’s 20% greater than the typical a yr in the past.
Ray Hill, a professor at Emory College’s Goizueta Enterprise Faculty, says it doesn’t imply Atlanta is overpriced.
“It is simply a part of a normal perception into what’s taking place within the Atlanta market,” Hill mentioned. “Should you have a look at the highest of the rankings, most of them are locations that you’d anticipate.”
Hill says so long as metro Atlanta retains rising, the realm will proceed to high lists like this one.
“The financial system is doing very effectively,” he added. “Unemployment in Georgia is beneath the nationwide common. You have received a number of folks transferring out of the excessive tax states within the Northeast and California and transferring to Texas after which Georgia and Florida.”
Rising rates of interest will doubtless calm the market, however Hill says it gained’t occur quickly.
Pam Smith lives in a modest neighborhood the place a house not too long ago offered for greater than 1,000,000 {dollars}.
“I’ve pals who determined to promote trigger they might promote and get some huge cash,” Smith mentioned. “That was attention-grabbing to see trigger they ended up paying extra for his or her subsequent home.”
Florida Atlantic’s research put Boise, Idaho, on the most “overpriced” housing market with costs 72% what they might be had they adopted historic developments, adopted by Austin, Texas, Ogden, Utah and Las Vegas, Nevada.