UNEMPLOYMENT The Atlanta MSA hit a record low unemployment rate of 2.6 percent in November 2019. Due to shutdowns, the unemployment rate spiked to 12.7 percent by April. Reopening the economy has restored many tempo- rary layoffs, bringing the unemploy- ment back down to 10.3 percent in May. This is just shy of the maximum unemployment measured in the great
recession of 10.6 percent in 2010. RentRange analysts forecast an end- of-year unemployment rate of sevent to eight percent for the market. HOUSEHOLD INCOME According to 2018 ACS data, the various industries in the Atlanta MSA provide a median household in- come of $64,766, ranking the metro
65th in the country. Incomes are also slightly above the national median income of $63,688. Metro incomes have enjoyed a 4.9 percent increase vs. 2017 ($61,733) and a 14.4 percent increase over the 2013 household income of $56,605. Information and statistics from the Bureau of Labor Statistics employment data, Depart - ment of Labor report, Census/ACS Tables and RentRange® data sources.
HOME PRICE METRICS Atlanta Home Values through April 2020
Index Trend of Rent vs Home Price vs Employment vs Income
Legend
35%
Employment Change Household Income
30%
Home Value Rental Value
25%
20%
15%
10%
5%
May 2020 Employment, back to 2015 levels
0%
-5%
-10%
-15%
-20%
-25%
-30%
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
In June 2020, the median sin- gle-family home value in the Atlanta MSA was $268,000 and has averaged nearly eight percent year- over-year growth since 2012. In the last year, home value appreciation has slowed to only 0.5 percent year- over-year. Rental rates for single-family homes (orange line) had only a mi -
nor five percent decrease over the recessionary period but stayed flat for many years. In 2015, the rental market turned upward alongside the home price trend, rising nearly seven percent per year. Notably, income growth (teal line) has been strong in the last five years, supporting the increases in home and rent prices.
The multi-index trend shows the 2008-2012 recessionary effects on home prices (blue line) in the Atlanta market were significant, dropping over 30 percent over four years. The Atlanta housing mar- ket has nearly doubled in price since the lows in 2012, helped by a steadily increasing job market and rising wages.
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