If you’re thinking of buying or renting a property in Atlanta in the new year, you may want to consult your checkbook first.
GOBankingRates looked at Zillow’s forecast of year-over-year home value and rental rates as well as the U.S. Bureau of Labor Statistics’ Consumer Price Index (CPI) to determine which cities will experience a spike in living costs in 2018. Some parts of the country are already struggling to keep up with increasingly expensive standards of living for things like food costs, rent, utilities and transportation. As a result, homebuyers are feeling financial restraints and are hesitating to spend big on their next home or apartment rental.
Trulia reported that median sales and rent prices in Atlanta have also been on the rise since the start of the year. The median home sales price in the state is expected to increase $32,000 over the same time last year. On top of that, inventory still continues to fall after a steady two-year decline.
As a result, Atlanta was one of 10 cities listed where housing prices and living costs are expected to increase the most next year. Zillow predicts that Atlanta will see a 3.34 percent increase in home value, coupled with a 5.08 percent change in rent hike.