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 | Duluth | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $300,994 | $238,631 | $242,182 |
| Price Trend (Annual %) | 10.6% | 9.0% | 8.2% |
| Median Gross Rent | $1,770 | $1,306 | $1,342 |
| Rent Trend (Annual %) | 7.0% | 5.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Duluth is about 26% higher than in Georgia. Rent is about 36% 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 Duluth, up about 10.6% and 7.0% a year respectively. Home prices are changing faster.
Median rent in Duluth rose about 70.1% between 2015 and 2023, from $1,040 to $1,770. Over the same span, rent in Georgia rose about 48.7%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Duluth.
Buying the median-priced home in Duluth costs roughly 14.2 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 Duluth. The price-to-rent ratio in Georgia is about 15.2.
| Metric | Duluth | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $300,994 | $238,631 | $242,182 |
| Median Household Income | $94,014 | $74,683 | $78,145 |
| Price-to-Income Ratio | 3.2 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Duluth rose about 88.6%, while median household income rose about 53.4% 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 | Duluth | Georgia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.4% | 58.4% | 58.2% |
| Rental Rate | 40.1% | 31.0% | 31.3% |
| Vacancy Rate | 3.5% | 10.6% | 10.6% |
| Median Tenure (years) | 13.0 | 14.0 | 15.0 |
| Median Year Moved In | 2013 | 2012 | 2011 |
Duluth has a homeownership rate of 56.4%, lower than the Georgia average of 58.4%. Its housing vacancy rate is 3.5%, compared with 10.6% in Georgia.
Housing Stock
| Metric | Duluth | Georgia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.60 people | 2.64 people | 2.54 people |
| Median Structure Built Year | 1991 | 1989 | 1978 |
| Median Number of Rooms | 5.8 | 5.9 | 5.5 |
The typical housing unit in Duluth was built around 1991. On average, 2.6 people live in a home with about 5.8 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Duluth, Georgia.
What is the median home price in Duluth, Georgia?
The median home price in Duluth, Georgia is $300,994, higher than the Georgia average of $238,631.
What is the average home price in Duluth, 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 Duluth, Georgia?
The median gross rent in Duluth, Georgia is $1,770 per month, higher than the Georgia average of $1,306.
What was the median gross rent in Duluth in 2020?
In 2020, the median gross rent in Duluth, Georgia was $1,413 per month.
What is the price-to-rent ratio in Duluth, Georgia?
The price-to-rent ratio in Duluth, Georgia is about 14.2, meaning it would take roughly 14.2 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 Duluth.
Are home prices or rent rising faster in Duluth, Georgia?
Both home prices and rent are rising in Duluth, up about 10.6% and 7.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Duluth, Georgia?
56.4% of households in Duluth, Georgia own their home, lower than the Georgia average of 58.4%.
What is the vacancy rate in Duluth, Georgia?
The housing vacancy rate in Duluth, Georgia is 3.5%, lower than the Georgia average of 10.6%.