The Augusta-Aiken housing market is booming on the back of low interest rates and an affordable standard of living that has brought the area recognition as one of the top places to live.
In its latest list of the country's hottest cities in terms of development, Expansion Management Magazine ranked the metro area in the No. 36 slot. Atlanta was No. 3.
Homes are being built at a blistering pace not seen in decades. Most are in Columbia and Aiken counties, growth corridors to the northwest and east of downtown that have seen shopping centers sprout up in recent years.
Many families are drawn to Columbia County for its schools, often considered among Georgia's best. Aiken appeals to many out-of-area retirees, largely from the Northeast.
Richmond County, the city center, is more developed and seeing slower growth.
While costs vary widely according to house style and community, Columbia County has the most expensive homes, with an average sales price of $161,128 in September 2003. The least expensive homes are in Burke County, where the average is $59,080.
An average price in a six-county area for an executive home - a three-bedroom, two-bathroom, 2,400-square-foot house - is $179,400.
Property taxes all around are marginal. In Richmond County, for example, a homeowner would pay $1,415 in annual taxes for an average-priced $102,649 house.
Census figures show that about twice as many people in the Augusta area own property, rather than rent.
Still, Georgia ranks 10th in the country for the number of residences for rent, and both the army post and medical college contribute to a steady stream of renters year round.
Ranging from townhomes to downtown lofts, rent for a two-bedroom, two-bathroom apartment just under 1,000 square feet runs roughly $545 to $700 a month.
IT'S A FACT:
In 1998, the National Association of Home Builders ranked the Augusta-Aiken area No. 1 in affordable housing among 187 cities.
