What is the Cost of Living in Atlanta, GA in 2023?
Thinking of moving to a new city with a reasonable living cost but can’t decide which one? Let us help you out. Have you ever thought about Atlanta? If you haven’t, here’s your chance! For starters, it has a booming economy, indicating job opportunities galore. Second, the city has gained immense popularity as a movie-making locale, many of which were shot here. Last but not least, delectable food, accessible transportation, rocking nightlife, and moderate weather make it a well-rounded place you’d be proud to call home!
Also, numbers reveal that the city has less than 500,000 residents. But the Atlanta Journal Constitution’s 2018 report states that the (Atlanta) Metropolitan Statistical Area houses 5.8 million people. It shouldn’t be too difficult to guess why!
As far as living costs go, Atlanta is your go-to place compared to NYC, San Francisco, or even LA. The current living expenses are 1.8% higher than the national average, which seems fair. However, given the influx of transplants from all over the country, the percentage’s likely to increase. So, let’s walk you through the types of costs you’ll incur as a future resident of Atlanta so that you can factor them into your budget.
Here is everything you need to know about the cost of living in Atlanta:
1. Rental Expenses in Atlanta
Housing costs comprise a significant chunk of your expenses, so it’s necessary to decide how much you can afford as rent. Though rents in the city are increasing, they’re still low-budget compared to other big cities. An apartment in Atlanta will cost you $1,790 on average.
As always, rents in Atlanta differ from one neighborhood to the next, along with the perks they come with. But you need to decide between upscale neighborhoods and low-end ones. If you have no issues dishing out extra for a fancy apartment in a premier locale, check out Buckhead, Old Fourth Ward, and Midtown, where a one-bedroom apartment will cost you somewhere between $1,984 and $2,335 monthly.
Finally, as far as low-cost neighborhoods are concerned, you can explore Ormewood Park or Embry Hills for $1,648 and $1,569 monthly, respectively.
2. House-buying Expenses in Atlanta
In Atlanta, you can find high-priced and affordable houses if you are interested in buying them. The price of a home on average is $395,000.
Like rental prices, home prices are also based on the neighborhood you choose to live in. For instance, the median home price in North Buckhead is $440,500. You may also find huge homes and condos that sell for more than two million! Then there’s Kingswood, which has a median house price of $1.31 million. Finally, you have Tuxedo Park, with median house prices of more than $1,065,000!
As mentioned earlier, you’ll discover houses to your liking that you may be able to afford in communities like Edgewood, East Atlanta, East Lake, Woodland Hills, and Kirkwood.
In the end, houses don’t remain on the market for very long. They get sold in less than a month, for the most part.
3. Food and Grocery Expenses in Atlanta
Atlanta is a foodie’s paradise with numerous upscale eateries, food trucks, low-cost restaurants, and gourmet donut shops, so much so that you’ll be spoilt for choice! Many restaurants employ James Beard Award-winning chefs, so you’ll be in good hands if you step into one. Whether it’s Thai, Mexican, or Malaysian, you’ll find a plethora of cuisines in the city to gorge on.
If you prefer eating out, make it a mix of low-priced eateries and fancy restaurants because you might end up spending more than you’d imagined if your choice of restaurants included only high-end ones. If you love your own company, be prepared to dish out $14.50 for a meal at an affordable restaurant. But if you decide dining with someone is better, you might need to fork over $60 at a medium-priced eatery for three courses. If you crave appetizers and drinks, your check’s likely to shoot through the roof! You’ll also need to think about how long you’ll be able to keep up with this. Therefore, it might be wise to set a monthly food budget and ensure that you follow it to the T.
On the other hand, if you decide to eat healthy by making your meals at home, you might get to save a little. Whipping up your meals requires groceries, and the amount you spend will depend on whether you have a family or are single. Singles should get by with $3,177 annually, while a family of three is likely to spend $7,238 annually.
While we’re on the subject of groceries, let’s give you an idea of how much you can budget for based on the item prices (Numbeo’s data):
- Milk (1 liter): $0.82
- Eggs (a dozen): $2.01
- Bread (a loaf): $2.61
- Ground beef (a Kg): $13.44
If you like Asian food, you may want to check out Buford Highway, peppered with Asian supermarkets for the right ingredients. You’ll be happy to know that the city also has a number of Latin supermarkets you can explore for fresh fruits, vegetables, and other stuff. To savor all the cuisines Atlanta’s known for, you must attend the Atlanta Food and Wine Festival held every year. To get passes, you have one of two options. You can select a one-day pass for $175 or a three-day one that lasts you through the weekend for $500.
In a word, the total residents spend on food totals 5% of the national average.
4. Utility Expenses in Atlanta
The weather in Atlanta is moderate in general. In winter, temperatures may fall a bit, and you might see some snow. On the other hand, summers might be a little hot and humid, so this is one area that might cause the utility bill to go up. So, without weather extremes, the bill isn’t something you need to sweat about. See if you can make the most of the weather without a massive bill looming over your head!
As always, utilities, which comprise water, trash, heating, cooling, and electricity bills, will require you to pay $177.43 monthly. Our professional and personal lives can’t go on without the internet, so be ready to pay another $68.92 for it.
Last but not least, the cable TV bill (if you have one) will cost you anywhere between $20 to $100 and will vary based on how many channels or add-on packages you take.
In the end, the amount you pay for utilities will amount to 15.3% less than the national average!
5. Travel Expenses in Atlanta
Although traffic is a serious concern in Atlanta, residents still prefer traveling by car. If you’re one of them, not only will your travel costs skyrocket, you’ll end up spending $2,233 annually on gas! Expenses aside, you’ll be wasting a great deal of your time looking for a decent place to park your car! Surprisingly, Atlanta is also a relatively walkable and bikeable city, so both might be options worth exploring.
The Metropolitan Atlanta Rapid Transit Authority (MARTA) is the city’s primary transportation system running buses and trains for residents. Unfortunately, MARTA’s train service doesn’t reach all corners of the city, so you need to take a bus or walk to reach your destination after arriving at a certain point. Therefore, while MARTA is economical and you’ll save on transit costs, it will eat into your travel time. The fare for a trip on MARTA is $2.50 and includes four free transfers in a three-hour period. A wiser option is to get a 7-day pass for $23.75 or a monthly pass made for $95, which is even better.
You could also check out the Atlanta Streetcar, a new addition to the transit modes in the city. The fare is just $1, and you’ll get to travel for 2.7 miles around downtown.
Your total transportation expenses are calculated based on your time driving in the city. Singles will end up spending $5,113 annually per MIT’s Living Wage Calculator, while those with a spouse and a child will need to pay $11,672 annually!
Though the city is bikeable, specific communities have more bike lanes and infrastructure to help residents commute across the city. These include Old Fourth Ward, Inman Park, Cabbagetown, and Midtown. Overall, residents in Atlanta will spend 2% more than the national average on travel expenses.
6. Healthcare Expenses in Atlanta
Regardless of the city you live in, healthcare is a necessary expense and must factor into your budget. Based on MIT’s calculations with data sourced from the Bureau of Labor Statistics and the Agency for Healthcare Research and Quality, singles with full-time jobs must be prepared to spend $2,713 annually on healthcare. And a family of three will need to pay a lot more, amounting to $8,056 annually.
To serve the medical needs of its residents, Atlanta has several top-notch hospitals and clinics. Some of them include Children’s Healthcare of Atlanta, Centers for Disease Control and Prevention (CDC), Grady Memorial Hospital, and Emory University Hospital. You can even find a medical specialist whenever you need one.
Something else that stands out about the healthcare industry is the number of jobs it generates. If you find the work exciting and have the relevant credentials, go ahead and give it a shot!
If you’re visiting the doctor for a regular checkup, be ready to dish out $119. But if you need prescription medicines, you’re going to have to spend an average of $459.02 without any insurance!
In a nutshell, residents end up spending 2% more than the national average on healthcare.
7. Entertainment Expenses in Atlanta
Fitness and entertainment go hand-in-hand because both are meant to keep you fit and happy, physically and mentally.
One of the city’s highlights includes multiple outdoor venues, which has led to its pet name, “City of Trees.” If you want access to top places to exercise for free, head over to these outdoor spaces and walk, run, and rollerblade your way to better health! Another option is the Beltline, an elevated railway track converted into a trail perfect for a stroll if you need to step out. It even runs fitness classes that come up from time to time.
But if you’re the sort of person who works out best inside a gym with a ton of equipment, make sure you have the finances to pay $40.15 monthly. If it’s yoga that keeps you going, you need to spend over $17 monthly. If you don’t want to spend much on fitness, find a gated community that comes with a fitness center or invest in a home gym.
As far as recreational opportunities go, you won’t find a shortage of things to do or places to visit in the city. To make it easier for you to see the top city attractions, we’ve compiled a list of places and their entry ticket prices:
- Georgia Aquarium: $36.95
- The Jimmy Carter Presidential Library: $12
- The World of Coca Cola Museum: $18
- High Museum of Art: $16.50
- National Center for Civil and Human Rights: $16
- Truist Park: $56 (a single baseball game ticket)
Free options include the Martin Luther King Jr. National Historical Park, but you have to make a reservation to view it without a charge. Centennial Olympic Park charges you for tickets related to specific events. Else, it’s free for all. How about watching a good movie? For a movie ticket, you need to spend $15.
8. Income requirements in Atlanta
While we’ve shared details of the types of expenses and the amounts they’re likely to cost you in Atlanta, you still need to know how much you should earn to maintain a basic living standard. The monthly income in Atlanta before taxes are deducted totals $4,995.
But if you see yourself living a more lavish life, you’ll need to earn a yearly income of $121,170 per GoBankingRates. At the same time, anywhere between $69,240 and $86,550 a year should be enough to keep you satisfied. As mentioned earlier, since the median rent of a one-bedroom apartment in the city is $1,790, your monthly income needs to be $5,370 monthly or $64,440 annually. This may be much lower than the range suggested by GoBankingRates, but it’ll make sure you don’t have to struggle to make ends meet!
Finally, regardless of your income, since you’ll be spending a good deal of the money on rent, it’s advisable to set aside 30% or less of your gross income for it so that you have enough for all your other expenses.
9. Taxes in Atlanta
The sales tax rate in Atlanta is 8.90 %. When we split it, we get 7 % for DeKalb and Fulton counties, while the remaining 1.9 % is the tax rate for Atlanta.
The income tax rate in the state hovers between 1 %to 5.75%. Those who earn $7K, the minimum taxable income (or more), also have to pay income taxes at 5.75%.
In the end, property taxes total 1.07%.
Conclusion
So, are you all set to call Atlanta your new home? We sure hope so! Recreational options and mesmerizing attractions aside, the city’s selling points include innumerable job opportunities in the supply chain, technology, and other industries, not to mention the perks you can only find in big cities! Finally, how can we forget about its reasonable cost of living? That makes a world of difference! So, what are you waiting for? Pick up your bags and make a move!
