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Buying a Home in Atlanta Has Become Unaffordable, Fed Data Show

Bloomberg business news
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The cost of buying a home in metro Atlanta is now officially considered to be unaffordable, according to the Federal Reserve Bank of Atlanta.

The branch’s Home Ownership Affordability Monitor, uses median income for the area, home prices and interest rates to calculate the feasibility for residents to purchase a home. The annual mortgage payment for homes in the metro-Atlanta counties of DeKalb, Gwinnett, Fulton and Dawson now exceeds 30% of the area’s median income. The Atlanta Business Chronicle first reported the data point.