The Largest Increase in Mortgaged Homes in Georgia was from High-Income Households
By: Ramu Garuda Apr. 26, 2018
A recent analysis shows that there was a large increase in the number of mortgaged homes for households with an annual income of over $100,000. Additionally, there was a decrease in mortgages for homes of with lower household incomes on both state and national levels. The information was produced by Gavop which used the latest data from the United States Census Bureau to create a county level study on real estate trends in Georgia.
The following graph shows the top five counties with the highest percentage increase of mortgaged homes with a household income of over $100,000 between 2009 and 2016:
Areas to experience such a high increase in mortgaged homes with incomes over $100,000 were mostly located in suburban counties close to metropolitan areas like Atlanta (Barrow and Walton County) and Macon (Houston County).
During the same seven year time period, the lowest decrease in mortgaged homes of the $100,000 income value was in Carroll County at just -4.2 percent. Paulding County experienced the next highest decrease at -3.0 percent followed by Fulton County at -0.59 percent.
Looking at Georgia overall, 38.35 percent of mortgaged homes had household incomes of over $100,000 in 2016. The following data table highlights the percentage of mortgaged homes with household income level in Georgia compared to national values in both 2009 and 2016:
| Location | Percent of mortgaged homes with household income <$50000 in 2009 | Percent of mortgaged homes with household income in between $50000-$100000 in 2009 | Percent of mortgaged homes with household income >$100000 in 2009 | Percent of mortgaged homes with household income <$50000 in 2016 | Percent of mortgaged homes with household income in between $50000-$100000 in 2016 | Percent of mortgaged homes with household income >$100000 in 2016 |
|---|---|---|---|---|---|---|
| United States | 29.16% | 38.81% | 32.02% | 23.38% | 34.52% | 42.1% |
| Georgia | 32.95% | 38.49% | 28.56% | 25.74% | 35.91% | 38.35% |
The numbers show how Georgia had similar proportions of mortgaged homes when compared to the nation per household income levels. Looking at both 2009 and 2016 values, the U.S. and Georgia experienced a decrease in the proportion of mortgaged homes for households with income under $50,000 and for household incomes between $50,000 - $100,000. The only increase in mortgaged homes came from the over $100,000 household income bracket.
ABOUT THE AUTHOR
Ramu Garuda
Ramu is a research analyst with over 9 years of analytics & research experience. Prior to joining the company, he worked with some of the prominent consulting and market research firms in India, including Pride Technology (Supporting consulting projects to PWC), RR Donnelly, and The Hackett Group. His skills include company profiling, benchmarking, data and trend analysis, industry analysis, and report writing across the industries. Ramu holds a Master’s degree in Finance and Marketing. He also has a bachelor’s degree in Biotechnology.
