Upsizing in Georgia: More Likely Than You Think
Tuesday, March 28th, 2023
There’s no denying that work from home has amplified homeowners’ dream for more space – but high costs and inflation are making it hard to realize. New data reveals that upsizing from a condo to a single-family home is very much possible – and even profitable – in 20 of the 200 largest cities in the U.S.
To see what cities make upsizing from condo to house easier and where do major Georgia cities stand, we looked at the median household income and the median price for the two property types. We then correlated the price difference with the yearly median income to find out how many years’ worth of income it would take to close the price gap between a condo and a house.
This is what we found for Georgia:
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In Columbus and Macon houses are cheaper than condos; With net price differences of $15,000 and $20,000, respectively, upsizing from condo to house is more than doable;
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Upsizing is possible in other Georgia cities with low price-difference-to-income ratios: In Augusta (0.4) and Savannah (0.5), it would take less than half a year’s income to match the price difference when going from a condo to a detached house;
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Coincidentally, houses make up the vast majority of listings in the cities of Georgia: In Columbus and Macon, 100% of homes for sale are houses, similar to Augusta (92%) and Savannah (82%);
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Upsizing from condo to house is more difficult in Atlanta: Houses are 38% (or $119,000) more expensive than condos. Although it sounds like quite a leap, upsizing here is still more doable compared to cities like Honolulu, HI, or Pembroke Pines, FL, where houses are 164% more expensive than condos;
Check out the link below for the full data: https://www.point2homes.com/
