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 | Smyrna | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $352,758 | $238,631 | $242,182 |
| Price Trend (Annual %) | 11.0% | 9.0% | 8.2% |
| Median Gross Rent | $1,681 | $1,306 | $1,342 |
| Rent Trend (Annual %) | 7.5% | 5.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Smyrna is about 48% higher than in Georgia. Rent is about 29% 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 Smyrna, up about 11.0% and 7.5% a year respectively. Home prices are changing faster.
Median rent in Smyrna rose about 74.8% between 2015 and 2023, from $962 to $1,681. Over the same span, rent in Georgia rose about 48.7%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Smyrna.
Buying the median-priced home in Smyrna costs roughly 17.5 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 Smyrna. The price-to-rent ratio in Georgia is about 15.2.
| Metric | Smyrna | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $352,758 | $238,631 | $242,182 |
| Median Household Income | $92,845 | $74,683 | $78,145 |
| Price-to-Income Ratio | 3.8 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Smyrna rose about 111.8%, while median household income rose about 70.6% 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 | Smyrna | Georgia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.9% | 58.4% | 58.2% |
| Rental Rate | 41.4% | 31.0% | 31.3% |
| Vacancy Rate | 7.7% | 10.6% | 10.6% |
| Median Tenure (years) | 10.0 | 14.0 | 15.0 |
| Median Year Moved In | 2016 | 2012 | 2011 |
Smyrna has a homeownership rate of 50.9%, lower than the Georgia average of 58.4%. Its housing vacancy rate is 7.7%, compared with 10.6% in Georgia.
Housing Stock
| Metric | Smyrna | Georgia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.23 people | 2.64 people | 2.54 people |
| Median Structure Built Year | 1989 | 1989 | 1978 |
| Median Number of Rooms | 5.1 | 5.9 | 5.5 |
The typical housing unit in Smyrna was built around 1989. On average, 2.2 people live in a home with about 5.1 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Smyrna, Georgia.
What is the median home price in Smyrna, Georgia?
The median home price in Smyrna, Georgia is $352,758, higher than the Georgia average of $238,631.
What is the average home price in Smyrna, 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 Smyrna, Georgia?
The median gross rent in Smyrna, Georgia is $1,681 per month, higher than the Georgia average of $1,306.
What was the median gross rent in Smyrna in 2020?
In 2020, the median gross rent in Smyrna, Georgia was $1,313 per month.
What is the price-to-rent ratio in Smyrna, Georgia?
The price-to-rent ratio in Smyrna, Georgia is about 17.5, meaning it would take roughly 17.5 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 Smyrna.
Are home prices or rent rising faster in Smyrna, Georgia?
Both home prices and rent are rising in Smyrna, up about 11.0% and 7.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Smyrna, Georgia?
50.9% of households in Smyrna, Georgia own their home, lower than the Georgia average of 58.4%.
What is the vacancy rate in Smyrna, Georgia?
The housing vacancy rate in Smyrna, Georgia is 7.7%, lower than the Georgia average of 10.6%.