How Much Home You Can Buy for $200k in Georgia

With home prices declining for over six months, some U.S. housing market conditions have shifted to favor buyers. Still, other conditions stack up against homebuyers, particularly mortgage rates. As inflation began to surge, the Federal Reserve raised interest rates nine times in 12 months in an attempt to stem rising prices. The cumulative 475 basis points Fed rate hike sent mortgage rates soaring, forcing many homebuyers to reevaluate their budgets and consider exactly how much house they can afford.

Since September 2022, the average interest rate on a 30-year fixed rate mortgage has been above 6%, the highest it has been in nearly a decade and a half. With historically high borrowing costs, many homebuyers are seeking more affordable markets. And in some parts of the country, a relatively modest housing budget goes a lot further than in others.

According to data from the Federal Reserve Bank of St. Louis, the median list price for a home in Georgia was about $180 per square foot as of March 2023. Based on price per square foot, a homebuyer with a $200,000 budget can afford a 1,111 square foot home, the 17th largest of any state. A year earlier, the size of a $200,000 home in the state was 3.3% bigger than it is today.

Based on data from the U.S. Census Bureau’s 2021 American Community Survey, the typical home in Georgia is worth $249,700, compared to the national median home value of $281,400.

RankStateApprox. sq. ft. of a $200k home, March 2023Median home list price per sq. ft., March 2023 ($)Approx. 1 yr. change in size of a $200k home (%)Median home value ($)
1West Virginia1,600125-13.6143,200
2Mississippi1,515132-12.1145,600
3Ohio1,493134-7.5180,200
4Indiana1,351148-8.1182,400
4Arkansas1,351148-15.5162,300
6Louisiana1,316152-5.3192,800
6North Dakota1,316152-10.5224,400
8Kansas1,290155-18.7183,800
9Kentucky1,282156-9.6173,300
10Alabama1,274157-10.8172,800
11Oklahoma1,250160-16.3168,500
12Missouri1,235162-7.4198,300
13Michigan1,220164-4.3199,100
14Illinois1,163172-0.6231,500
14Pennsylvania1,163172-2.3222,300
16Nebraska1,143175-12.6204,900
17Georgia1,111180-3.3249,700
17Iowa1,111180-10.6174,400
19Wyoming1,099182-12.1266,400
20Texas1,081185-4.9237,400
21New Mexico1,064188-12.2214,000
22South Carolina1,058189-8.5213,500
23Wisconsin1,026195-9.7230,700
24South Dakota1,010198-9.6219,900
25Minnesota980204-14.2285,400
26North Carolina966207-2.9236,900
27Virginia952210-4.3330,600
28Maryland913219-4.1370,800
28Tennessee913219-8.2235,200
30Delaware893224-6.7300,500
31Vermont855234-10.3271,500
32Alaska851235-7.7304,900
33Utah8032494.0421,700
33Maine803249-12.9252,100
35Nevada7872543.1373,000
36Connecticut775258-3.9311,500
37Arizona7632620.8336,300
38Idaho7552659.4369,300
39New Jersey746268-1.5389,800
40Florida727275-1.8290,700
41Colorado699286-1.4466,200
41New Hampshire699286-10.8345,200
43Oregon6623022.0422,700
44Washington6313172.5485,700
45Montana629318-7.2322,800
46Rhode Island625320-7.8348,100
47New York5243821.8368,800
48Massachusetts498402-0.2480,600
49California4614344.6648,100
50Hawaii3006664.7722,500

by Samuel Stebbins, 24/7 Wall St. via The Center Square

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Previous Story

Georgia measure would eliminate college degree requirement for some state jobs

Next Story

Most agents unsure how cannabis dispensaries affect property values

NEVER MISS A STORY!
Sign Up For Our  Newsletter
Get the latest headlines and stories - and even exclusive content!- sent right to your inbox.
Stay Updated
Give it a try, you can unsubscribe anytime.
close-link