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 | Fairburn | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $355,522 | $238,631 | $242,182 |
| Price Trend (Annual %) | 28.2% | 9.0% | 8.2% |
| Median Gross Rent | $1,545 | $1,306 | $1,342 |
| Rent Trend (Annual %) | 8.1% | 5.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Fairburn is about 49% higher than in Georgia. Rent is about 18% 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 Fairburn, up about 28.2% and 8.1% a year respectively. Home prices are changing faster.
Median rent in Fairburn rose about 78.9% between 2015 and 2023, from $864 to $1,545. Over the same span, rent in Georgia rose about 48.7%.
Affordability
On average, housing unit costs 4.6 yearly household incomes in Fairburn.
Buying the median-priced home in Fairburn costs roughly 19.2 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 Fairburn. The price-to-rent ratio in Georgia is about 15.2.
| Metric | Fairburn | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $355,522 | $238,631 | $242,182 |
| Median Household Income | $78,019 | $74,683 | $78,145 |
| Price-to-Income Ratio | 4.6 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Fairburn rose about 436.1%, while median household income rose about 52.5% 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 | Fairburn | Georgia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 48.7% | 58.4% | 58.2% |
| Rental Rate | 46.0% | 31.0% | 31.3% |
| Vacancy Rate | 5.3% | 10.6% | 10.6% |
| Median Tenure (years) | 10.0 | 14.0 | 15.0 |
| Median Year Moved In | 2016 | 2012 | 2011 |
Fairburn has a homeownership rate of 48.7%, lower than the Georgia average of 58.4%. Its housing vacancy rate is 5.3%, compared with 10.6% in Georgia.
Housing Stock
| Metric | Fairburn | Georgia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.70 people | 2.64 people | 2.54 people |
| Median Structure Built Year | 1999 | 1989 | 1978 |
| Median Number of Rooms | 6.0 | 5.9 | 5.5 |
The typical housing unit in Fairburn was built around 1999. On average, 2.7 people live in a home with about 6.0 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Fairburn, Georgia.
What is the median home price in Fairburn, Georgia?
The median home price in Fairburn, Georgia is $355,522, higher than the Georgia average of $238,631.
What is the average home price in Fairburn, 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 Fairburn, Georgia?
The median gross rent in Fairburn, Georgia is $1,545 per month, higher than the Georgia average of $1,306.
What was the median gross rent in Fairburn in 2020?
In 2020, the median gross rent in Fairburn, Georgia was $1,138 per month.
What is the price-to-rent ratio in Fairburn, Georgia?
The price-to-rent ratio in Fairburn, Georgia is about 19.2, meaning it would take roughly 19.2 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 Fairburn.
Are home prices or rent rising faster in Fairburn, Georgia?
Both home prices and rent are rising in Fairburn, up about 28.2% and 8.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Fairburn, Georgia?
48.7% of households in Fairburn, Georgia own their home, lower than the Georgia average of 58.4%.
What is the vacancy rate in Fairburn, Georgia?
The housing vacancy rate in Fairburn, Georgia is 5.3%, lower than the Georgia average of 10.6%.