Housing Costs in Smyrna by Type

The Housing Market in Smyrna Today

Smyrna, Georgia, a thriving suburb northwest of Atlanta, has seen its housing market evolve in recent years. As more people discover the appeal of this family-friendly community, with its excellent schools, parks, and proximity to big-city amenities, demand for housing has grown. This has put upward pressure on both rents and home prices.

Over the past decade, many new apartment complexes and single-family developments have risen to meet the needs of Smyrna’s growing population. However, inventory has tightened more recently, especially for entry-level homes. This mirrors trends seen across the Atlanta metro area, where a combination of rising costs, limited supply, and strong job growth is shaping the housing landscape.

For those considering a move to Smyrna, it’s important to understand the current market dynamics and what they mean for your budget. Whether renting or buying, housing will likely be your largest monthly expense. Here’s a closer look at what you can expect.

Renting in Smyrna: What’s Typical?

As of mid-2023, the average rent for an apartment in Smyrna is approximately $1,560 per month. This represents a 6% increase year-over-year. For a one-bedroom unit, renters can expect to pay around $1,390 on average. Upgrading to a two-bedroom apartment raises the typical rent to about $1,680 monthly.

Keep in mind that these are citywide averages. Prices can vary significantly based on factors like location, age of the building, included amenities, and time of year. Newer luxury complexes, especially those in the desirable downtown area or near The Battery at Truist Park, often command higher rents.

Smyrna’s rental market tends to be most competitive in the late spring and summer months, driven in part by recent college graduates starting new jobs. Winter can be relatively slower. Regardless of season, coming prepared with solid references, proof of income, and funds for deposits can improve your chances of securing a rental.

Owning a Home in Smyrna

For those looking to purchase a home, Smyrna’s median sale price currently stands at $430,000, up 9% from a year ago. On a typical 30-year fixed mortgage with 20% down, this translates to a monthly payment of roughly $2,450, including principal and interest. However, the total cost of homeownership goes beyond the mortgage itself.

Property taxes in Smyrna average 0.94% of assessed value, or approximately $4,040 annually for a median-priced home. Homeowners insurance adds another $1,200 to $2,000 per year, on average. Many neighborhoods also have mandatory homeowners association (HOA) fees, which can range from $30 to $500+ per month. Together with ongoing maintenance and repairs, these costs can add significantly to the monthly burden of owning.

Still, for those who can afford it, homeownership offers benefits like building equity, tax deductions, and more control over your living space. Working with a knowledgeable local real estate agent can help you navigate Smyrna’s fast-moving market and find opportunities that fit your budget.

Renters vs. Homeowners: Who Lives Where?

Smyrna’s homeownership rate stands at approximately 66%, slightly higher than the national average. The remaining third of households rent their homes. This split is visible in the city’s housing stock, which encompasses everything from new apartment complexes to established neighborhoods of single-family homes.

Young professionals, especially those under 35, are more likely to rent, often choosing apartments near workplaces or entertainment districts. Families, both young and old, tend to prioritize homeownership, seeking the stability and space that a house can provide. Retirees are a mix, with some downsizing to low-maintenance rentals and others aging in place.

Of course, these are generalizations. Individual circumstances, including financial resources, job security, and long-term plans, ultimately dictate a household’s housing choice. In Smyrna, as in many cities, rising costs can present a barrier to homeownership for some, even as renting grows less affordable. This underscores the importance of careful budgeting and long-term planning.

Typical Monthly Housing Costs in Smyrna

Here’s what housing costs might look like each month in Smyrna:

Estimates reflect mid-range properties and average usage.

What’s Driving Costs Up or Down?

Several factors influence housing costs in Smyrna and the greater Atlanta area. On the demand side, the region’s strong job market continues to attract new residents, especially in high-growth sectors like healthcare, technology, and film production. This puts pressure on the existing housing stock.

At the same time, construction of new homes has lagged population growth in recent years. Zoning restrictions, rising material and labor costs, and other challenges have limited the pace and density of new development. This constrained supply, combined with strong demand, has pushed prices upward.

Policy decisions also play a role. Property tax rates, rent control measures, and incentives for affordable housing development can all shape a city’s housing landscape over time. As Smyrna and other communities grapple with questions of affordability and smart growth, these factors will remain important to watch.

FAQs About Housing in Smyrna

• Is Smyrna affordable to live in? Compared to some other Atlanta suburbs, Smyrna offers a relatively affordable mix of housing options. However, rising costs are an increasing concern for many residents, especially those with lower incomes.
• Why are housing prices changing? A combination of strong demand, limited supply, and broader economic trends is driving up housing costs in Smyrna and across the metro area.
• How does Smyrna compare to nearby cities? Housing costs in Smyrna are generally lower than in Buckhead or Brookhaven, but higher than in Mableton or Austell. Ultimately, prices can vary significantly by neighborhood.

Making Smart Housing Decisions in Smyrna

Whether you’re looking to rent an apartment or buy a house, understanding the cost of living in Smyrna is essential for making an informed choice. By considering not just rent or mortgage payments, but also taxes, insurance, utilities, and other expenses, you can develop a clearer picture of what’s truly affordable for your household.

Of course, financial factors are just one piece of the puzzle. Lifestyle preferences, commute times, school quality, and other personal priorities also shape our housing decisions. By weighing all of these elements carefully, and seeking guidance from local experts when needed, you can find a home in Smyrna that fits both your budget and your life.

For more insights on budgeting as a Smyrna resident, check out these monthly budget examples. You can also explore this comprehensive cost of living guide for Smyrna in 2023.