How Much House Can I Afford on a 450k Income in Georgia?
With a 450k income, you're well-positioned to purchase a home in Georgia. Financial advisors recommend spending about 3 to 4 times your annual income on a home, suggesting a budget between $1,350,000 and $1,800,000, depending on factors like your down payment and existing debts.
In Atlanta, the median home price is approximately $450,000, which is below your minimum affordability range. This situation opens up a broad selection of homes, potentially allowing you to consider higher-end properties or homes in better neighborhoods.
Other areas such as Savannah and Augusta offer competitive pricing at around $300,000. Georgia's property tax rate averages 1.05%, adding roughly $4,725 annually on an average home. Coupled with a cost of living slightly below the national average, your income provides ample opportunities for homeownership.