Published on Monday, January 25, 2016 by Land Century
Population and Economy
When it comes to land investment, one of the key things you want to look at is the states population. And Georgias is growing. As of July 1, 2015, the U.S. Census Bureau estimates that Georgia has a population of 10,214,860. This estimate represents a 5.44% increase compared to the 2010 U.S. Census, which estimated the population at 9,687,653.
Clearly, Georgias population is growing. To put its growth into perspective, the states population was just 4,589,575 in 1970.
The local economy is just as important as the population. In 2011, Georges per capita personal income was $35,979, and in 2010, the states gross state product was approximately $403 billion. If Georgia were its own country, it would represent the 28th largest economy in the entire world.
The state is home to several Fortune 500 and Fortune 1000 companies, including UPS, Home Depot, Delta Airlines, Coca-Cola, Southern Company, AFLAC, and SunTrust Banks. The state is also home to the Hartsfield-Jackson Atlanta International Airport, which is the busiest airport in the world. Naturally, Atlanta is the center of growth for the state, with the city contributing to service, real estate and communications growth.
Major industries in the state include:
* Energy production
Georgia has a rich history, which attracts millions of tourists each year. The states most popular attraction is Stone Mountain, which receives 4 million visitors each year. Savannah, the historic town thats been featured in several films and TV shows, receives 11 million visitors annually. The worlds largest aquarium is also located in Atlanta. Georgia has a lot going for it in terms of economic and population growth. Whether you have plans to build a home and rent it, develop a commercial venture, or build your dream home, Georgia has plenty to offer.
Bordered by the American Ocean and South Carolina to East, Alabama to the West, and North Carolina and Tennessee to the north, Georgia offers a great location for land investment. Each region of the state has its own distinctive characteristics. The Ridge and Valley in the northwest, for example, features sandstone, limestone and sedimentary rocks, while the eastern coast offers scenic beaches.
With many freshwater lakes in Georgia, the state is a popular spot for fishing catfish, trout, bass and bream. Out in the Atlantic Ocean, anglers can catch spotted seatrout, red drum, tarpon and flounder. Blue crabs, oysters and shrimp can also be caught off the Georgia coast. The climate is primarily humid subtropical. Some are typically hot and very humid, except for high elevation locations. Rainfall totals vary, with central Georgia receiving about 48 inches of rain each year, and Northern Georgia receiving about 78 inches of rain.
Temperatures are mild, too, with Atlanta (the states capital) seeing highs of 52 in January and 88 in August. Temperatures are slightly warmer in the southern region of the state, with Savannahs January high being 60 degrees, and the August high being 90 degrees. Georgia has something to offer everyone, with mountains to the north, beaches to the east, and several lakes and rivers in between.
Georgia Land and Real Estate Market
Georgia may have attractive features, but what about its real estate and land market? Heres what we know about the real estate market:
* According to Zillow, homes in Georgia have a median value of $141,800, a 4.2% increase year-over-year.
* The median sale price for homes in Georgia is $170,325.
* The average rental price is $1,176 per month, which is slightly lower than the national average of $1,381.
Cities with the highest median sales prices include:
* Greene: $265,000
* Forsyth: $270,000
* Fulton: $250,000
* Webster: $300,000
* Atlanta: $244,815
The real estate market is in great shape, but what about land?
Lets take a look at some of the opportunities we currently have available:
* There is a 0.28 acre vacant lot available near downtown Atlanta for $12,500. This property offers paved road access and utilities at the street. Taxes are just $140.96. With such close proximity to the largest city in the state, this property is available at an amazingly-low price.
* A 0.2 acre lot is available near Stone Mountain for just $22,500. Taxes are just $404 per year. Utilities are available at the street, and the property has paved road access. This particular lot is located in the popular Mountain View Pass subdivision.
* A massive 190.5 acre tree farm is for sale for $1,225,000 million. This property is both a tree farm and a hunting preserve. The land is already surveyed and staked, and features 22-year-old planted pines. Theres also a two-acre stocked pond with bluegill, bass and catfish. Deer, turkey and other game roam the area. Taxes are just $1,100 per year.
Of course, the state is not without its flaws, and there are some markets that are performing poorly (as with any other state). Columbus, for example, has a median home value of $84,400, and nearly half the homes in the city have delinquent mortgages. Savannah, on the other hand, has seen home values rise 4.5% over the last year.
As with any other investment opportunity, be sure to research the property and the area first to get a feel for the market and local growth. You generally cant go wrong by investing in property in Atlanta, but once you venture out into rural areas, you need to be more diligent with your research.
But as you can see from the list above, you can buy a lot of land in Georgia without breaking the bank. Whether you want to buy in the heart of downtown Atlanta or pursue agricultural opportunities, there are land opportunities in this state that are both affordable and profitable.