Despite higher mortgage rates, home prices continue to rise, especially in the metro Atlanta area.
In fact, according to a new Case-Shiller report, Atlanta is the most overpriced residential real estate market in the country.
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Their metric is what percentage of one’s paycheck is required for desirable housing.
For more insight into our local market, we talked with Maya Sly, a local real estate developer.
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“The median income is $59,000, so to be able to afford a $400,000 house, you need to be making at least $79,000-$80,000 dollars with very little debt,” Sly said. “They’re buying homes sight unseen because they’re moving here in droves from California and New York, and they’re taking these prices up and we have a supply issue… we have California prices in Atlanta right now.”
Other real estate professionals tell us it will take some time for builders to get the supplies they need to build more homes and for mortgage rates to cool off some buyers.
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