Augusta GA is the Most Affordable Metro Housing Market in the U.S.

Lydia Taylor March 8th, 2007

Wow, check out this article that appeared in the paper today!!:

It seems the rest of the country is getting hip to something Augustans have known for years.

Bizjournals, the online division of American City Business Journals, named Augusta the nation’s most affordable metro housing market after analyzing income and housing costs for 95 metro areas with populations of 500,000 or more.

Housing costs in the Augusta-Richmond County metro area, which includes Richmond, Columbia, Burke, McDuffie, Aiken and Edgefield counties, consume only 17.4 percent of monthly income, compared with 27 percent nationally, according to a March 5 Bizjournals article on the study.

“Compared to the rest of the world, (Augusta) is exceedingly cheap,” said Ryan Brashear, the president of the Greater Augusta Association of Realtors. He said housing prices are likely a little higher now because the data used are from 2005.

Wichita, Kan., was second, followed by Little Rock, Ark.

“I’ve long stressed the affordability of the Augusta housing market,” Mayor Deke Copenhaver said. He said such factors help attract new businesses and residents to the city.

But even as the area expands, that doesn’t necessarily mean housing costs will skyrocket.

Robert Giacomini, a research consultant in Georgia’s Office of Planning and Budget, said there are other factors, including land availability, regulations on home construction, the strength of the economy and the pace of growth.

Mr. Brashear said that even with significant increases in new residents, Augusta has lower cost of goods, such as gas and lumber, which pushes down building costs. And unlike other dense markets, Augusta has far more land.

“As long as Augusta has the ability to expand, (the growth) won’t have a drastic effect on the area,” he said.

The boldface text is mine. After noting in an earlier post that the Augusta GA Real Estate market is undervalued, this news just confirms what Augusta residents already know. Not only is this a fantastic place to live, the cost of living is affordable, too!

ARTICLE SOURCE: We’re No. 1 by Laura Youngs, Staff Writer, Thursday, March 08, 2007 Augusta Chronicle (Registration Required)