Buying a Home in Georgia: What You Need to Know
If you're considering buying a home in Georgia, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Georgia homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Georgia-specific data to give you accurate monthly payment estimates.
Georgia Property Taxes
Georgia has an effective property tax rate of 0.77%, ranking #26 out of 50 states (where #1 is the highest). On a median-priced home of $366,000, you'd pay approximately $2,818 per year in property taxes, or about $235/month.
Georgia's property tax rate is near the middle nationally. Property tax rates can vary by county, so check with your local tax assessor for exact rates in your area.
Georgia Homeowners Insurance
The average annual homeowners insurance premium in Georgia is $2,041 for $300,000 in dwelling coverage, or about $170/month.
Georgia's insurance costs are moderate compared to national averages. You may be able to lower your premium by increasing your deductible, bundling with auto insurance, or installing security systems.
Georgia Closing Costs
Closing costs in Georgia average 1.24% of the home's purchase price. On a $366,000 home, that's approximately $4,538. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Georgia Housing Market
The median home price in Georgia is $366,000. This is close to the national median of approximately $410,000, offering a balanced housing market with options for various budgets.
More Georgia Mortgage Tools
Use these additional calculators to plan your Georgia home purchase: