by John Egan
December 13, 2016
Homeownership in the Atlanta, GA, metro area is less fashionable than it used to be.
A LawnStarter analysis of newly released data from the U.S. Census Bureau shows that from 2006-10 to 2011-15, the homeownership rate dropped 4.4 percentage points (67.9 percent to 63.5 percent), and the rental rate went up by the same amount (32.1 percent to 36.5 percent).
Experts say the dip in homeownership in the Atlanta area is part of a national trend.
In the aftermath of the housing meltdown, places like Atlanta were hit “especially hard” by home foreclosures, says Skylar Olsen, senior economist for real estate marketplace Zillow. As a result, some homeowners in the Atlanta area and elsewhere had no alternative but to become renters, Olsen says.
On top of that, many millennials are delaying homeownership in favor of continuing to rent, Olsen says. Additionally, a lot of new homes in the Atlanta area are “pretty pricey,” putting homeownership out of reach for some first-time buyers, says Carl Hudson, director of the Center for Real Estate Analytics at the Federal Reserve Bank of Atlanta.
Assessing Atlanta’s tilt toward renting vs. owning, Hudson says: “I don’t know that Atlanta is any different. Atlanta probably just reflects what’s going on in the country.”
LawnStarter provides convenient, easy to order lawn service throughout the Atlanta area. For more information about services near you, click on your city below.