The City of Atlanta’s standing as a bastion of affordable (and perhaps excessive) square footage could be slipping.
Point2 Homes, an international real estate search company, has based a recent study of the top 50 U.S. markets on tidy numbers that make sense: They looked at the median listing price in cities across the country ($300,000) and median home size (1,700 square feet) to gauge very widespread and eclectic markets.
Alarmingly (but not surprisingly), they found that $300,000 doesn’t buy an average-sized home in Atlanta anymore, along with 19 other top cities analyzed.
The study appears to have focused strictly on real estate within city limits—and not metro areas at large. The findings, then, could speak to the high demand for housing in a relatively small swath of land that is Atlanta proper, where the population is about half that of the City of Indianapolis, for example, and the square mileage is almost three times smaller.
So what does $300,000 buy in ATL these days?
Per the study, about 1,600 square feet, roughly comparable to space in Chicago and Sunbelt competitors Dallas and Charleston. That same loot bags almost 2,300 square feet in Charleston; conversely, Manhattanites would get a scant (and probably illegal) 165 square feet. Which is to say $300,000 buys nothing in the Big Apple’s beating heart.
Still, that median price point can put Atlantans in roughly three times as much space as Brooklynites—and nearly five times as much as San Franciscans.
The analysis also randomly pits Atlanta and Columbus, OH in a face-off of “college cities,” finding that Atlanta is in the middle of the pack in terms of price (one notch above Dallas) and that Columbus is much cheaper.
“Which of these famous college towns offers homebuyers more ‘bang for their buck’?” the analysts write. “Well, in terms of space, Columbus is the clear winner. But the Southern charm that Atlanta offers is not easy to pass by either.”
Oh, the old “Southern charm” card.
Anyhow, here’s the interactive map in full (scroll over for more info) ...