It’s a well-established fact that the top homebuyer demographic for the past five years has been people in their mid-20s to early-30s (sometimes referred to as “millennials” or “emergent affluents). According to the 2018 Home Buyer and Seller Trends report from the National Association of REALTORS®, this age bracket accounted for 36 percent of the buyer’s market in 2017, and 65 percent of those were first-time buyers. On top of this, Atlanta has become known as one of the favorite cities for emergent affluents to relocate, and 20- to 30-somethings represent a large portion of the city’s recent growth explosion. Many of these people are obviously buying homes here, as well. Let’s explore why our city — and particularly Atlanta real estate — holds so much appeal for the emergent affluent.
Job Opportunities
As a major commercial hub for the Southeast and the home of many large corporations, Atlanta holds plenty of opportunities for young job seekers and people building their careers. Plenty of jobs are available in the IT sector, as well as aerospace, accounting, agribusiness, energy, systems management and education — not to mention Atlanta’s booming film industry. With plenty of opportunities for financial and economic growth, it’s no wonder that young adults are not only finding a home here, but also thriving in the process.
Lifestyle
Between its artistic and cultural attractions, great shopping and neighborhoods, fine dining and a thriving nightlife, Atlanta is highly simpatico with the emerging affluent lifestyle. Young adults find plenty of inspiration, entertainment and social opportunities in the city that they can’t always find elsewhere — at least as affordably.
Highly Attractive Housing Market
Despite rising home prices and gentrification trends in the past few years, Atlanta remains one of the most affordable housing markets for a city of our size. Many young adults can afford homes here that they might not be able to afford elsewhere — and certainly more home for the money. There is also a diversity of living options based on taste and personal needs — from high-rise condos for the young professional to lovely “starter homes” in quieter neighborhoods for the new family.
This housing market also represents a perfect gateway for the emerging affluent to “buy low, sell high” — to invest in real estate that could eventually yield great returns as Atlanta home values are expected to continue rising. With plenty of entry-level homes available across many neighborhoods, there are few places in the country where young adults have this kind of opportunity to invest in their future.
If you are buying a home for the first time, the Atlanta housing market can be confusing to navigate, if for no other reason than that there are so many different types of homes and neighborhoods to sift through. For that reason, we recommend consulting our First-Time Homebuyers Guide so you can go into the process better prepared. When you’re ready to start looking for your first home, dream home or both, the experienced agents at Atlanta Fine Homes Sotheby’s International Realty are here to help. For an appointment, give us a call at 404.948.4812.