What's the Cost of Living in Georgia?

Are you considering moving to Georgia and want to learn more about the actual cost of living? Let's take a look at the overall cost of living, average household income, real estate, and other expenses.

Known as the Peach State, Georgia attracts thousands of tourists and new residents each year. There are many reasons why so many people are moving to this beautiful state. It is home to many historical landmarks, beautiful beaches, fine Southern hospitality, and, most importantly, prime real estate. 

Georgia's diverse economy has brought growth and prosperity to healthcare, agriculture, aerospace, tourism, and education. In addition, the climate is exceptional. If you desire pleasant summers and brief winters but don't wish to travel to a location like Florida, Georgia may be your ideal destination.

One of the most important things to know before moving to a new area is the cost of living. This includes real estate, transportation costs, healthcare costs, and more expenses. Lucky for you, we have compiled a list of all the essential information you need to know about the overall cost of living in Georgia. 

Here is everything you need to know about the cost of living in Georgia

Cost of Living

Overall, the cost of living in Georgia is about 6% lower than the national average. Combined with the wide variety of job opportunities, Georgia is an attractive option for those looking for a reliable job in an affordable area. 

Remember that the cost of living in any area can vary significantly based on many factors, including your career, average salary, and the real estate market at the time. Understanding the average cost of living in any new location is crucial before you make the move.

Looking a little deeper into each expense, we can tell that compared to the national average, groceries are 5% lower, healthcare is about the same, housing is 18% lower, utilities are 3% higher, and transportation is 5% higher. Remember that depending on your lifestyle and budget, you can save a lot of money on these expenses. 

Are you considering a move to one of Georgia's major cities? Rest assured that the cost of living remains affordable. Check out the cost of living in Marietta, Atlanta, Athens, Columbus, White, Savannah, and Augusta compared to the national average, according to Payscale.

Real Estate

Georgis is known for its breathtaking architecture and unique homes. The good thing is that the housing prices in Georgia are about 18% lower than the national average. Meaning not only will you get to live in one of Georgia's gorgeous homes, but it'll be at an affordable price. However, this overall average does vary significantly depending on what city or town you move to in Georgia. For decades now, real estate prices have been lower than the national average as a result of the availability of cheap land. 

The median home cost is about $308,200, lower than the national average of $338,100. Home prices can vary depending on your neighborhood and location. There are many safe and affordable neighborhoods in cities like Athens or Savannah. If you are a small family looking for a beautiful home, check out the best single-family homes in Georgia. 

If you're a young professional seeking to live in a bustling city with peers, you're lucky because the rent is below the national average. For a one-bedroom in Georgia, you're looking at about $1,120 monthly and $1,280 for a two-bedroom per room.

Check out the fantastic condos and townhomes for sale in Atlanta, Georgia. No matter what city you land in, you can ensure that you'll absolutely love it. 

Income

The median household income in Georgia is about $65,030 per year, according to the U.S. Census Bureau. This is slightly lower than the national median household income of $70,784 annually. Although, both averages do not equate to exactly how much you will be making. It all depends on your occupation, experience, and more.

The state has a total employment of 4,034,309, meaning you have plenty of employment opportunities here. However, the unemployment rate is a bit higher than the surrounding states, at 14%. Don't let this statistic scare you off; there are still many options for employment in Georgia.

There are many major corporations headquartered in Georiga. Atlanta specifically is home to The Coca-Cola Company, UPS, Delta Air Lines, The Home Depot, and more. 

Georgia is home to many flourishing industries: Aerospace, Agribusiness, Corporate Innovation Centers, Defense, and Film and Entertainment. If these areas aren't exactly what you are looking for, don't worry; many other vital industries are available in Georgia.

Food

Grocery prices are often an overlooked expense, but it varies significantly from state to state. In Georgia, grocery prices are 4% lower than the national average. This may not seem like a big difference; however, it will save you a lot of money. 

The state is famous for its fresh peaches and its traditional Southern cooking. If you are looking for the best places to eat fried chicken, low country boil, or shrimp and grits, then you have come to the right place.

There are plenty of excellent restaurants in Georgia. Make sure you look at the best restaurants in Atlanta and Augusta. There are many other notable restaurants around the state; check out these three favorites.

• The Garden Room: Located in Atlanta, this fine dining restaurant is the perfect place for any romantic occasion. A vibrant garden scene and mouthwatering dishes surround you. 
• White Oaks Bistro: This elegant restaurant offers stunning views of the mountains in North Georgia and even better steak dishes. It is the perfect place for a warm summer dinner. 
• Canoe Restaurant: This restaurant is exceptionally unique on the Chattahoochee River. You'll be surrounded by gorgeous greenery as you sip your carefully crafted cocktails. This is the perfect place to visit with friends or family in the summer. This restaurant is also known as one of the best wedding venues in the state. 

Taxes

Georgia's sales, income, and property taxes are relatively average compared to other states. One of the most tax-friendly states for older workers and retirees is thanks to tax breaks on retirement income and property for seniors and the absence of state taxes on Social Security, estates, and inheritances.

Georgia has graduated individual income tax; the rates range from 1.00% to 5.75% and a 5.75% corporate income tax rate. The sales tax is 4.00%, and the max local sales tax rate is 5.00%, making the average combined state and local sales tax rate 7.4%.

All property in Georgia is taxed at a rate of 40% of its total market value. Tax rates in Georgia do vary depending on where you live, so it is vital to research the tax rates in your new home. 

Each state's tax system is multifaceted, and Georgia is no different. Consider how the tax rates may impact your overall living cost before moving to any new area.

Transportation

Transportation expenses are about 5% higher in Georgia than the national average. This is a combination of public transportation costs and gas prices. Most residents own their own cars, and the rest rely on the public transportation options in their cities. 

Luckily, many major cities, namely Decatur, Atlanta, and North Atlanta, are highly walkable. Georgia offers its residents over 120 public transportation systems, the largest being bus systems in Savannah, Macon, Athens, and Augusta. Atlanta also offers the MARTA rail, which has 38 stations around the city. 

If you live in the suburbs or a rural area, you may desire your vehicle for more convenient transportation. The current average gas price is $3.60, similar to many other southern states at this time of year. Although, gas prices do change frequently depending on many factors.

There are two major international airports in Georgia, the Hartsfield-Jackson Atlanta International Airport and the Savannah/Hilton Head International Airport, and both make it extremely easy to travel. Don't forget you always have taxis, Uber, and Lyft as options to help you get from place to place. 

Healthcare

Healthcare prices in Georgia are about the same as the national average; the average cost of health insurance is $5,424 per person. For a family of four, this equates to about $21,697. 

Healthcare costs can vary significantly, ranging from affordable to very expensive. The final price is influenced by factors such as location, selected coverage, age, and medical needs. Finding the most appropriate rates is crucial to ensure that your healthcare expenses are within your budget.

Georgia Health Coverage is the primary provider of low-cost insurance. Residents pay about $585 monthly for major medical individual health insurance plans. These prices will vary, and you can save money on premiums if you are in good health.

On top of health insurance plans, Georiga has many highly ranked hospitals to offer you. The number one ranked hospital is Emory University Hospital in Atlanta. In addition, Emory St. Joseph's Hospital, Piedmont Atlanta Hospital, and Northside Hospital Atlanta are highly credible. No matter where you live, you can rest assured that you'll have many affordable and dependable healthcare options. 

FAQ: Cost of Living in Georgia

Here are some commonly asked questions about the cost of living in Georgia.

How much money do you need to live comfortably in Georgia?

For one adult to live comfortably, they would need to make around $36,862; for a family of five, they would need to make around $116,083 per year.

Why is the cost of living so high in Georgia?

The cost of living has increased as the demand for housing increases. Many new residents have moved to the beautiful state, and unfortunately, that puts some pressure on the housing market.

Is Georgia worth moving to? 

Absolutely, Georgia is home to countless historical landmarks, beautiful scenery, and a booming job market. On top of that, the state is known to have a laid-back community, mouthwatering food, and the best southern hospitality.

Where is the safest place to live in Georgia?

The whole state is known to be generally safe, but if safety is your number 1 priority, then check out the safest cities, including Evans, St. Marys, Kingsland, and Canton.

Is Florida or Georgia more affordable?

Georgia is about 10% less costly than Florida, which doesn't seem like a huge difference, but it will save you a lot of money in the long run. There are many affordable cities to remember if you are considering moving to Georgia. 

Moving to Georgia - Final Thoughts

Never mind why you decide to move to the Peach State; you'll soon realize why the population jumped by roughly a million from 2010 to 2020, with beautiful beaches, amazing cuisine, world-renowned golf courses, and so much more. Georgia really is the perfect place to call home. 

Whether you're a young professional looking for job opportunities, a small family looking for great schools, or a retiree looking for peace and quiet, you can't go wrong with Georgia. Understanding the cost of living in a new state is extremely important, and our team at UpHomes is so happy to help you along the way. There are many other important aspects to understand. Check out the top 7 things to know before moving to Marietta. 

Georga has many incredible cities; make sure you know the cost of living for the specific one you pick, as the overall cost of living varies from city to city. The state is one of the most affordable in the country, along with New Mexico. Find the best places to live in Georgia and the perfect home for your budget, lifestyle, and family size. 

If you or anyone you know is interested in searching for homes for sale in Georgia, don't hesitate to contact us here so we can connect you with one of our Realty Specialists to make this transition as smooth as possible. No matter the home type, price, location, or size you need, our team at UpHomes is dedicated to helping you find the perfect home.