U.S. home sales skyrocketed during the COVID-19 pandemic – hitting a 15-year high of 6.1 million in 2021. The spike in demand, coupled with declining inventory, have put upward pressure on housing prices. Renters have not been spared, as housing has become one of the key drivers of surging U.S. inflation.
According to the Economic Policy Institute, a nonprofit think tank, a family of four – two adults and two children – can expect to pay an estimated $15,031 on housing in 2022. This amount varies across the country, however.
In Georgia, a family of four will spend an average of $12,152 on housing per year, the 25th lowest amount among states, according to the EPI’s Family Budget Calculator. This amount reflects both housing and utilities costs for a modest two-bedroom rental.
Housing costs are partially driven by what residents can afford, and states with higher rental costs also often have higher than average family incomes, and vice-versa. Georgia is no exception. Just as housing costs are lower than average in Georgia, so, too, are incomes. The typical family in the state earns $74,127 a year, compared to the national average of $80,069.
Housing cost figures in this story are 2022 estimates from the EPI and family income figures are five-year estimates from the U.S. Census Bureau’s 2020 American Community Survey.
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