Atlanta offers affordability in a big city setting, according to a new report from RentCafe.
The rental company compared the top 20 largest U.S. metros based on socioeconomic metrics using data from the U.S. Census Bureau and other sources. Atlanta placed No. 2, second only to Minneapolis.
Among the socioeconomic factors putting Atlanta near the top was the city’s cost of living, which sits comfortably at 6% below the national average. By contrast, West Coast cities like Los Angeles and San Francisco saw soaring costs of living 53% and 52% above the national average, respectively.
Additionally, Atlanta boasted one of lowest income inequality ratios among other large metros. Top Atlanta earners made just 3.6 times more than the lowest earners, compared to the national average of 4.6 times and the widest gap of 6.4 times in Washington, D.C.
Of the cities surveyed, Boston and Minneapolis had the lowest unemployment rate, at 3.8%, while New York and L.A. had the highest, at 5.7%. Atlanta sits near the national average of 4.3% at 4.5%.
“Atlanta’s strong performance in socioeconomics is driven largely by the scale and structure of its economy,” Adina Dragos, the report’s author, told Atlanta Agent Magazine. “The metro area scores well for income growth, especially given its large population, suggesting that earnings have not been diluted by rapid growth. It also performs strongly in employment and labor-force indicators, reflecting a deep and diversified job market that supports sustained job creation rather than reliance on a single sector.”
