Considering a move to Atlanta? Moving is a big undertaking with many exciting changes. Proactively researching the finances of your move to Atlanta will help you minimize surprises in your budget and help you decide if you can even afford to live there.
Cost of housing in Atlanta:
The housing market in Atlanta continues to evolve as more millennials are drawn to this bustling city. Neighborhoods such as Midtown, Inman Park, and Old Fourth Ward draw a large LGBT community and continue to develop with the trend of millennials wanting to live “in town”.
Do you plan to rent or buy when you move to Atlanta?
Your actual housing cost will largely be driven on which neighborhood you choose and if you decide to rent or buy. While Atlanta provides many options to rent or buy, the smartest decision for your finances is entirely math based. Before taking the plunge on your new home, calculate for yourself if it’s smarter to rent or buy.
Average 2 bedroom rent in Atlanta: $1,628
Average home price in Atlanta: $257,200
Income in Atlanta:
The average income in Atlanta is higher than the national average and the cost of living is 1% lower, this makes Atlanta immensely desirable from a financial perspective. Compare this to other cities in our city guide.
Average annual income in Atlanta: $53,843
Minimum wage in Atlanta: $7.25
Taxes in Atlanta:
Atlanta residents pay both income and Georgia state taxes. Overall, the taxes in Atlanta are similar to the national average for a large city.
Sales tax in Atlanta: 8.9%
Income tax in Atlanta: 1.0 – 6.0%
Jobs in Atlanta:
Assuming you wish to stay long term, it’s important to review the job market before you move to Atlanta. Future job security in any city is an important consideration for its long term viability. This is especially the case for your move to Atlanta, as the primary industry continues to evolve.
Fortune 500 Companies in Atlanta: 15
Home Depot, UPS, Coca-Cola, Delta Air Lines, Southern, Genuine Parts, First Data, SunTrust Banks, Veritiv, PulteGroup, HD Supply Holdings, AGCO, NCR, Asbury Automotive Group, Intercontinental Exchange