Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Buford | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $270,312 | $238,631 | $242,182 |
| Price Trend (Annual %) | 11.1% | 9.0% | 8.2% |
| Median Gross Rent | $1,454 | $1,306 | $1,342 |
| Rent Trend (Annual %) | 6.0% | 5.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Buford is about 13% higher than in Georgia. Rent is about 11% higher than the Georgia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Buford, up about 11.1% and 6.0% a year respectively. Home prices are changing faster.
Median rent in Buford rose about 54.3% between 2015 and 2023, from $942 to $1,454. Over the same span, rent in Georgia rose about 48.7%.
Affordability
On average, housing unit costs 3.4 yearly household incomes in Buford.
Buying the median-priced home in Buford costs roughly 15.5 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Buford. The price-to-rent ratio in Georgia is about 15.2.
| Metric | Buford | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $270,312 | $238,631 | $242,182 |
| Median Household Income | $78,532 | $74,683 | $78,145 |
| Price-to-Income Ratio | 3.4 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Buford rose about 74.1%, while median household income rose about 39.4% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Buford | Georgia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.5% | 58.4% | 58.2% |
| Rental Rate | 27.0% | 31.0% | 31.3% |
| Vacancy Rate | 10.6% | 10.6% | 10.6% |
| Median Tenure (years) | 11.0 | 14.0 | 15.0 |
| Median Year Moved In | 2015 | 2012 | 2011 |
Buford has a homeownership rate of 62.5%, higher than the Georgia average of 58.4%. Its housing vacancy rate is 10.6%, compared with 10.6% in Georgia.
Housing Stock
| Metric | Buford | Georgia Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.09 people | 2.64 people | 2.54 people |
| Median Structure Built Year | 1996 | 1989 | 1978 |
| Median Number of Rooms | 6.1 | 5.9 | 5.5 |
The typical housing unit in Buford was built around 1996. On average, 3.1 people live in a home with about 6.1 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Buford, Georgia.
What is the median home price in Buford, Georgia?
The median home price in Buford, Georgia is $270,312, higher than the Georgia average of $238,631.
What is the average home price in Buford, Georgia?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Buford, Georgia?
The median gross rent in Buford, Georgia is $1,454 per month, higher than the Georgia average of $1,306.
What was the median gross rent in Buford in 2020?
In 2020, the median gross rent in Buford, Georgia was $1,201 per month.
What is the price-to-rent ratio in Buford, Georgia?
The price-to-rent ratio in Buford, Georgia is about 15.5, meaning it would take roughly 15.5 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Buford.
Are home prices or rent rising faster in Buford, Georgia?
Both home prices and rent are rising in Buford, up about 11.1% and 6.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Buford, Georgia?
62.5% of households in Buford, Georgia own their home, higher than the Georgia average of 58.4%.
What is the vacancy rate in Buford, Georgia?
The housing vacancy rate in Buford, Georgia is 10.6%, about the same as the Georgia average.