When I moved to Augusta over 20 years ago, one of the selling points was its affordability, especially for housing. Unfortunately, that may be changing.
According to the Home Ownership Affordability Monitor tracked by the Federal Reserve Bank of Atlanta, housing in the Augusta Metropolitan Statistical Area (MSA) has been unaffordable since May 2022.
Housing unaffordability is defined by the US Department of Housing and Urban Development as annual costs of home ownership exceed 30 percent of the annual household income. Costs include principal and interest on mortgage loans, associated taxes, property insurance, and private mortgage insurance.
Currently, costs are 35% of income. Back in 2005, they were 22 percent. Costs are greater than 30 percent of income in all seven counties in the metro area. Although currently high interest rates on mortgages contribute to the unaffordability, according to the Fed, the most recent increase in unaffordability is incomes failing to keep up with house prices.
The good news is that Augusta’s affordability is relatively good compared to other metro areas. Costs are 48% of income in Atlanta and Gainesville. The most affordable metro area in Georgia is Warner Robins at 31%.
| MSA | Housing costs as % income |
| Albany | 40% |
| Athens | 48% |
| Atlanta | 42% |
| Brunswick | 41% |
| Columbus | 43% |
| Dalton | 36% |
| Gainesville | 48% |
| Hinesville | 41% |
| Macon | 33% |
| Rome | 34% |
| Savannah | 43% |
| Valdosta | 41% |
| Warner Robins | 31% |
The Federal Reserve Bank of Atlanta also produces data on rental affordability. In Richmond County, 54.9% of renter households are cost burdened, meaning gross monthly rent was more than 30 percent of monthly household income. This is the highest of the cities the Fed tracks.
| City | Rental affordability (Gross rent as % income) |
| Athens | 50.4% |
| Atlanta | 49.5% |
| Columbus | 51.5% |
| Macon | 49.9% |
| Savannah | 50.2% |
