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- The National Association of Realtors named Atlanta the city to watch in 2023.
- Its robust job market and relatively affordable housing draw people from around the country.
- While the national housing market is cooling, it’s still thriving in Georgia’s capital.
Jay Martino, a 24-year-old master barber and recent college graduate, moved from Charleston, South Carolina, to Atlanta in November hoping for a boost to his career.
He hasn’t been disappointed yet.
As an independent contractor, Martino quickly landed at Infinity Grooming Loft — a barber and stylist shop — while also taking time to create content on social media. His posts revolve around his work as a barber, and have drawn a following of over 8,400 people across his personal and professional Instagram accounts.
The doors were opening for him after just weeks on the ground, he said.
“Social media painted a portrait of Atlanta being the place to really grow and thrive at a faster-than-normal pace,” he told Insider about the move. “I just wanted a piece of that.”
Jay Martino, a barber who moved to Atlanta from Charleston, South Carolina.
Courtesy of Jay Martino
It’s that kind of opportunity that’s pulling many people to the Peach State’s capital city, a trend that is expected to continue through next year.
In fact, as many popular Sun Belt cities like Austin, Phoenix, and Miami are experiencing a real estate slowdown, Atlanta is the only city in America to outperform the nation in 10 key economic indicators that help predict a robust housing market in 2023, the National Association of Realtors said in their annual ranking, which named the city the top market to watch in 2023.
Indeed, the Peach State’s capital city still has abundant affordable housing, relative to the rest of the country. It also benefits from the influx of people like Martino and an abundance of high-paying information sector jobs, according to the NAR report this month.
Out-of-staters are flocking to Atlanta
One doesn’t have to look at data to see the growth. The increasing number of out-of-state license plates speaks volumes about the popularity of the area, too, said Dan Sloan, a real estate agent at Artisan Haus Real Estate, who has worked with several out-of-state clients recently.
A majority of out-of-staters are coming from big metropolitan areas such as New York, Los Angeles or Chicago, according to an Axios analysis. WSBTV, a television station documenting the population surge, estimated that 65,000 people moved into the region in the year through July.
The Atlanta Botanical Garden. Real estate agent Dan Sloan said the natural beauty attracts people to the area.
Nicholas Widener for Insider
“People keep on arriving in this city, in this area,” Sloan said, and there’s a number of reasons why. A big one is the climate, he said, noting that — typically — it’s not too cold in the winter and not too hot in the summer.
It’s also a short drive away from the mountains, the beach and other popular southern cities.
Atlanta’s affordability is key to its housing markets future success
There are other huge factors attracting people, though: being able to find a high-paying job and a housing market that’s not yet out of reach.
“We are still undervalued compared to bigger cities,” Sloan said. “People can get way bigger properties with more privacy for less.”
Indeed, Atlanta scored a 100.7 on NAR’s affordability index, according to the report, among the highest of the top 10 cities highlighted by the association as places to watch in 2023, and much higher than the overall US index value of 91.2. Huntsville, Alabama, had the top index value, at 120.1.
These factors will help Atlanta withstand the headwinds buffeting the national market, which is reeling after skyrocketing home prices and interest rates put home purchases out of reach.
On top of that, some 21% of Atlanta’s renters have the financial wherewithal to become homeowners, unlike many parts of the country, the NAR data show. Nationwide, that figure drops to 15.1%.
More remote workers and high-paying jobs will continue to drive home buyers here
Over 24% of Atlanta’s workforce is remote, higher than the 17.1% of Americans overall. The trend suggests the local housing market can outperform the rest of the country in 2023, according to the National Association of Realtors.
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Martino is not the only one seeing career success — many of his fellow fraternity members moved to Atlanta and have similar stories to tell, he said.
Atlanta’s economy is growing as steadily as its population expands: the number of local jobs grew 5.4% in the year through October 2022, compared with 3.4% nationally, according to the Bureau of Labor Statistics.
Many people are taking root in Atlanta after being liberated by the remote work revolution. Some 24.2% of Atlanta residents work remotely, compared to 17.1% nationally, per the NAR report. Jobs that are based there pay better than average, too, including in the information technology sector that makes up 11% of the the city’s GDP, the NAR said.
