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 | Decatur | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $298,664 | $238,631 | $242,182 |
| Price Trend (Annual %) | -1.1% | 9.0% | 8.2% |
| Median Gross Rent | $1,677 | $1,306 | $1,342 |
| Rent Trend (Annual %) | 9.6% | 5.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Decatur is about 25% higher than in Georgia. Rent is about 28% higher than the Georgia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Decatur: home prices fell about 1.1% a year while rent rose about 9.6% a year. That is an unusual pattern worth watching.
Median rent in Decatur rose about 87.6% between 2015 and 2023, from $894 to $1,677. Over the same span, rent in Georgia rose about 48.7%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Decatur.
Buying the median-priced home in Decatur costs roughly 14.8 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Decatur. The price-to-rent ratio in Georgia is about 15.2.
| Metric | Decatur | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $298,664 | $238,631 | $242,182 |
| Median Household Income | $140,167 | $74,683 | $78,145 |
| Price-to-Income Ratio | 2.1 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Decatur fell about 15.4%, while median household income rose about 104.3% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Decatur | Georgia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.6% | 58.4% | 58.2% |
| Rental Rate | 29.3% | 31.0% | 31.3% |
| Vacancy Rate | 12.1% | 10.6% | 10.6% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Decatur has a homeownership rate of 58.6%, about the same as the Georgia average of 58.4%. Its housing vacancy rate is 12.1%, compared with 10.6% in Georgia.
Housing Stock
| Metric | Decatur | Georgia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.57 people | 2.64 people | 2.54 people |
| Median Structure Built Year | 1977 | 1989 | 1978 |
| Median Number of Rooms | 5.5 | 5.9 | 5.5 |
The typical housing unit in Decatur was built around 1977. On average, 2.6 people live in a home with about 5.5 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Decatur, Georgia.
What is the median home price in Decatur, Georgia?
The median home price in Decatur, Georgia is $298,664, higher than the Georgia average of $238,631.
What is the average home price in Decatur, 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 Decatur, Georgia?
The median gross rent in Decatur, Georgia is $1,677 per month, higher than the Georgia average of $1,306.
What was the median gross rent in Decatur in 2020?
In 2020, the median gross rent in Decatur, Georgia was $1,329 per month.
What is the price-to-rent ratio in Decatur, Georgia?
The price-to-rent ratio in Decatur, Georgia is about 14.8, meaning it would take roughly 14.8 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Decatur.
Are home prices or rent rising faster in Decatur, Georgia?
Home prices and rent are moving in opposite directions in Decatur: home prices fell about 1.1% a year while rent rose about 9.6% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Decatur, Georgia?
58.6% of households in Decatur, Georgia own their home, about the same as the Georgia average.
What is the vacancy rate in Decatur, Georgia?
The housing vacancy rate in Decatur, Georgia is 12.1%, higher than the Georgia average of 10.6%.