Just how much has inflation impacted Georgia? A report from the United State Congress Joint Economic Committee shows consumers paying a whopping $29,580 price tag since January 2021.
The total cost includes a $6,221 increase in housing costs. Total monthly costs have now increased nearly $1,100 for the average Georgia consumer.
How are Georgians fairing under these increases? Studies show the answer is “not well.”
More than 39% of Georgia adults report that they are having difficulty paying expenses and according to the Department of Housing and Urban Development more than 54% of Georgia families are considered “Cost burdened” by housing.
These increased costs are locking Georgia families out of homeownership, says economist EJ Antoni.
“Georgia is one of many states where not a single major metropolitan area is considered affordable today, meaning the median household income cannot reasonably afford the median price home,” writes Anotoni.
“In the greater Atlanta area, it takes more than half the median household’s take-home pay to afford a median price home. The only way to restore the American dream of homeownership is to reverse the failed public policies that crushed the dream to begin with.”
