Atlanta is the best place to buy a home in2023

As expected, Atlanta's metro area will become the best place to buy a home in2023. Experts from the National Association of Realtors have reached this conclusion based on several factors. This is good news for potential homebuyers, but it could also be good news for sellers. Real estate expert John Adams analyzes the reasons why Atlanta has taken the top spot.

The first reason - availability.

For decades, the overall cost of living and the availability of cheap land have made real estate in metro Atlanta more affordable than in other major cities. For example, Manhattan is already fully developed, so there are no vacant land plots for construction on it..

The second reason is the high percentage of tenants who have the opportunity to buy housing.

Due to lower housing costs, the percentage of tenants who have the opportunity to buy their own homes is significantly higher in the Atlanta metro area. This contributes to market stability here, unlike places like Portland and San Francisco where far fewer tenants have the opportunity to climb the social ladder.

The third reason is the development of the labor market.

The state of Georgia and the Atlanta metro area continue to attract significant investments in various sectors, including the electric vehicle and battery industries. Thanks to state, regional, and federal subsidies, authorities are creating favorable conditions for economic development. Over the past year,182,200 jobs were created. However, the increase in interest rates is slowing growth and making loans more expensive, which raises rates for investments in all sectors, including hiring employees.```

The fourth reason is a strong and growing technology sector.

Last year, Atlanta made it into the top 10 markets with the highest growth in job openings in the information technology sector. Over the past year, around 44,500 tech job openings have been posted in Atlanta.

The fifth reason is the availability of numerous remote work opportunities.

Remote work affects affordable and expensive areas differently. Data shows that people continue to prefer remote work. Affordable areas with a high number of remote jobs may attract more movers. As a result, the Atlanta metro area is not expected to face a housing price crash in 2023. If you are waiting for prices to drop, you should forget about it. The U.S. population is still growing, housing supply in the market is historically low, and construction companies are cutting back on production. All of this makes housing prices inelastic downward. Moreover, more and more experts are predicting inflation growth. Don't expect housing prices to decrease in these top 10 markets, including the Atlanta metro area!