Homeownership has been a valuable symbol of stability and wealth accumulation; especially among young and low income families in Georgia. Owning a home has been considered a pillar of the American Dream, so let’s take a look at trends of Georgia homeownership rates from 2010 till 2021.
According to the US Census Bureau, in 2010 the homeownership rate in Georgia was 67.1 percent, and would be followed by years of consecutively declining rates throughout the decade. Between 2011 and 2012, the homeownership rate dropped to 66.2 percent and 64.3 percent respectively. This was the largest rated drop of the decade for Georgia at almost 2 percent..
By 2013, homeownership had dropped by .01 percent, to 64.2 percent. In 2014 and 2015 the rate continued to drop to 62.9 percent and in 2016 the Peach State ended with a rate of 62.3 percent which was an all decade low.
By 2017, Georgia’s homeownership rates saw a marginal improvement of 62.8 percent and in 2018 rates jumped to 63.8 percent.
In 2019, homeownership rates in Georgia continued to improve at 64.4 percent but really elevated in 2020 with 67.3 percent, the largest bump of the decade with a 2.9 percent boost and the highest rate in several years. Last year 2021 dropped all the way back down to 64 percent.
The homeownership rate has its random ups and downs in Georgia. The Department of Housing and Urban Development has resources to aid present and future homeowner needs. So if you’re buying a home for the first time or looking at keeping or maintaining your home, make sure to visit the website if you wish to start on that significant chapter in your life.