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 | Lithia Springs | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $187,245 | $238,631 | $242,182 |
| Price Trend (Annual %) | 207.7% | 9.0% | 8.2% |
| Median Gross Rent | $1,444 | $1,306 | $1,342 |
| Rent Trend (Annual %) | 6.8% | 5.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lithia Springs is about 22% lower than in Georgia. Rent is about 11% higher than the Georgia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2019
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Lithia Springs, up about 207.7% and 6.8% a year respectively. Home prices are changing faster.
Median rent in Lithia Springs rose about 60.9% between 2015 and 2023, from $897 to $1,444. Over the same span, rent in Georgia rose about 48.7%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in Lithia Springs.
Buying the median-priced home in Lithia Springs costs roughly 10.8 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 Lithia Springs. The price-to-rent ratio in Georgia is about 15.2.
| Metric | Lithia Springs | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $187,245 | $238,631 | $242,182 |
| Median Household Income | $56,075 | $74,683 | $78,145 |
| Price-to-Income Ratio | 3.3 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2019, the median home price in Lithia Springs rose about 311.7%, while median household income rose about 19.1% 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 | Lithia Springs | Georgia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 37.1% | 58.4% | 58.2% |
| Rental Rate | 55.8% | 31.0% | 31.3% |
| Vacancy Rate | 7.1% | 10.6% | 10.6% |
| Median Tenure (years) | 11.0 | 14.0 | 15.0 |
| Median Year Moved In | 2015 | 2012 | 2011 |
Lithia Springs has a homeownership rate of 37.1%, lower than the Georgia average of 58.4%. Its housing vacancy rate is 7.1%, compared with 10.6% in Georgia.
Housing Stock
| Metric | Lithia Springs | Georgia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.42 people | 2.64 people | 2.54 people |
| Median Structure Built Year | 1991 | 1989 | 1978 |
| Median Number of Rooms | 5.5 | 5.9 | 5.5 |
The typical housing unit in Lithia Springs was built around 1991. On average, 2.4 people live in a home with about 5.5 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lithia Springs, Georgia.
What is the median home price in Lithia Springs, Georgia?
The median home price in Lithia Springs, Georgia is $187,245, lower than the Georgia average of $238,631.
What is the average home price in Lithia Springs, 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 Lithia Springs, Georgia?
The median gross rent in Lithia Springs, Georgia is $1,444 per month, higher than the Georgia average of $1,306.
What was the median gross rent in Lithia Springs in 2020?
In 2020, the median gross rent in Lithia Springs, Georgia was $1,122 per month.
What is the price-to-rent ratio in Lithia Springs, Georgia?
The price-to-rent ratio in Lithia Springs, Georgia is about 10.8, meaning it would take roughly 10.8 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 Lithia Springs.
Are home prices or rent rising faster in Lithia Springs, Georgia?
Both home prices and rent are rising in Lithia Springs, up about 207.7% and 6.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lithia Springs, Georgia?
37.1% of households in Lithia Springs, Georgia own their home, lower than the Georgia average of 58.4%.
What is the vacancy rate in Lithia Springs, Georgia?
The housing vacancy rate in Lithia Springs, Georgia is 7.1%, lower than the Georgia average of 10.6%.