Last month saw the single largest monthly increase in housing prices ever recorded. They’ve been going up significantly during the COVID-19 pandemic. Nationwide, the average home would cost about $35 thousand more today than on New Year’s Day this year.
To track all that, the Federal Reserve Bank of Atlanta has a new tool. It’s called the Home Ownership Affordability Monitor, or HOAM. It shows whether housing is considered “affordable” at the national, regional, metro and even county level.
Overall, the broader metro Atlanta area is considered affordable — until potential buyers zoom in. As of April 2021, the median home price across metro Atlanta is $293,750, with median household income listed as $72, 897. In Fulton County, the median home price is closer to $400 thousand.
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