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 | Milton | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $476,738 | $238,631 | $242,182 |
| Price Trend (Annual %) | 16.3% | 9.0% | 8.2% |
| Median Gross Rent | $1,843 | $1,306 | $1,342 |
| Rent Trend (Annual %) | 5.5% | 5.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Milton is about 100% higher than in Georgia. Rent is about 41% 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 Milton, up about 16.3% and 5.5% a year respectively. Home prices are changing faster.
Median rent in Milton rose about 50.9% between 2015 and 2023, from $1,221 to $1,843. Over the same span, rent in Georgia rose about 48.7%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Milton.
Buying the median-priced home in Milton costs roughly 21.6 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Milton. The price-to-rent ratio in Georgia is about 15.2.
| Metric | Milton | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $476,738 | $238,631 | $242,182 |
| Median Household Income | $166,296 | $74,683 | $78,145 |
| Price-to-Income Ratio | 2.9 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Milton rose about 100.4%, while median household income rose about 54.5% 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 | Milton | Georgia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 76.6% | 58.4% | 58.2% |
| Rental Rate | 22.0% | 31.0% | 31.3% |
| Vacancy Rate | 1.4% | 10.6% | 10.6% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Milton has a homeownership rate of 76.6%, higher than the Georgia average of 58.4%. Its housing vacancy rate is 1.4%, compared with 10.6% in Georgia.
Housing Stock
| Metric | Milton | Georgia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.73 people | 2.64 people | 2.54 people |
| Median Structure Built Year | 2002 | 1989 | 1978 |
| Median Number of Rooms | 8.1 | 5.9 | 5.5 |
The typical housing unit in Milton was built around 2002. On average, 2.7 people live in a home with about 8.1 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Milton, Georgia.
What is the median home price in Milton, Georgia?
The median home price in Milton, Georgia is $476,738, higher than the Georgia average of $238,631.
What is the average home price in Milton, 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 Milton, Georgia?
The median gross rent in Milton, Georgia is $1,843 per month, higher than the Georgia average of $1,306.
What was the median gross rent in Milton in 2020?
In 2020, the median gross rent in Milton, Georgia was $1,411 per month.
What is the price-to-rent ratio in Milton, Georgia?
The price-to-rent ratio in Milton, Georgia is about 21.6, meaning it would take roughly 21.6 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Milton.
Are home prices or rent rising faster in Milton, Georgia?
Both home prices and rent are rising in Milton, up about 16.3% and 5.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Milton, Georgia?
76.6% of households in Milton, Georgia own their home, higher than the Georgia average of 58.4%.
What is the vacancy rate in Milton, Georgia?
The housing vacancy rate in Milton, Georgia is 1.4%, lower than the Georgia average of 10.6%.