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Renters feeling the pain in crowded housing market
The home buying market is starting to slightly cool, and now renters are the ones finding themselves in bidding wars. FOX 5 real estate expert John Adams explains what's going on in the rental market right now.
ATLANTA - It's no surprise that it can pricey to live in parts of the Peach State.
Visual Capitalist used data from Home Sweet Home to analyze the salary one needs to earn in order to buy a home in America's 50 biggest metros.
According to the data, the median home price in the U.S. is around $370,000. That means the average person would need to earn around $76,000 to consider comfortably purchasing a home in the U.S.
The data says Atlanta actually comes is slightly less expensive than the average, with the median home price coming in at $350,300 - or a salary of around $69,619. In all, Atlanta ranks as the 32nd most expensive major city on the list, coming up a little more expensive than Philadelphia but a little less than San Antonio.
The highest median home prices in the U.S. can be found in San Jose, where you'd need to earn around $337,000. The data revealed the monthly mortgage payment in San Jose for the median home is $7,718. California actually has four of the five most expensive cities in the country with San Francisco, San Diego, and Los Angeles taking the other spots in the top four.
A "For Sale By Owner" sign is posted in front of an existing single-family residence for sale.. (Photo by Tim Boyle/Getty Images)
To see how other major cities like New York, Boston and Seattle ranked, click here to read the report.
If you think that renting in Georgia may be a cheaper option versus buying a house, think again.
The Out of Reach report from the National Low Income Housing Coalition revealed that Georgians who rent don't fare much better.
STUDY SHOWS HOW MANY HOURS YOU NEED TO WORK TO AFFORD RENT IN GEORGIA
According to the report, the average Georgia worker needs to earn an hourly wage at least $20.97 to be able to afford a two-bedroom rental home. That's an increase of $1.55 an hour from last year's calculations.
Working at the state's minimum wage of $7.25 an hour, that would mean they would need to work at least 2.9 full-time jobs and work 116 hours a week - or more than 16 hours a day.
Overall, Georgia is ranked as the 26th most-expensive state in the country based on the estimated fair-market cost for a two-bedroom rental home.
For more on that report, click here.