Macon, Georgia

$72,000 is the house value median in Macon, Georgia. The value of homes has soared 21.4 percent in the last year. There has been the prediction made that the value of houses will go up 2.2 percent in the following year.

This gigantic leap in the value of houses makes it so hard for first time home buyers to enter the residential market. What does an aspiring couple do who have formed a plan years ago to buy a home, and they find out in one year the value of houses has gone up 21.4 percent?  The answer is that they need to budget for very big increases, to be prepared should they occur. This is not an easy task especially if apartment rents are increasing for the couple, and the incomes of the couple are limited.

In Macon, the per square foot list cost median is $58. Macon Metro has a higher per square list cost median which is $77.

In Macon, Georgia, the presently listed house cost median is $95,000. $700 is Macom’s rent cost median. This is a lower rent cost median than in the Metro area of Macon, which is $750.

Foreclosures are important when it comes to the economics of real estate. For any location, the higher the number of foreclosures, the lower the value of the houses.

In the foreclosure process there is a first step called mortgage delinquency. Mortgage delinquency happens if an owner of a house skips making a payment on their mortgage.

2.2 percent is the percentage of mortgage delinquencies in Macon, Georgia. This is a higher mortgage delinquency rate than the national mortgage delinquency rate of 1.6 percent.

Due to the recession of 2008, the value of houses fell a greater amount than 20 percent nationally, and a lot of home owners are now underwater regarding their mortgages. Underwater on a mortgage means that the home owner has a mortgage debt that is larger than what the house is worth. There are 17.6 percent of house owners in Macon who are experiencing being underwater concerning their mortgages.

The current annual median household income for Macon, Georgia is $39,973.