Median home: $335,000 | Mortgage rate: 7% | Property tax: 0.87% | Insurance: $1,450/yr
Georgia is the economic engine of the Southeast. With a median home price of $335,000 and mortgage rates averaging 7%, understanding what you can afford before house hunting is essential.
The 28/36 rule is the gold standard: spend no more than 28% of gross income on housing and no more than 36% on total debt. In Georgia, with a property tax rate of 0.87% and average insurance of $1,450/year, these costs add significantly to your monthly payment beyond just principal and interest.
A 20% down payment on the median Georgia home requires $67,000. FHA loans with 3.5% down need just $11,725, but you will pay mortgage insurance. Georgia offers a homestead exemption of $2,000 off assessed value for qualified residents.
See all Georgia financial calculators:
Based on the 28/36 rule, your total housing payment should not exceed 28% of gross monthly income, and total debts should stay under 36%. In Georgia, with median home prices at $335,000, you typically need a household income of at least $335,000 to afford the median home.
To afford the median Georgia home at $335,000 with 20% down at 7% interest, you need approximately $76,415 annual household income. This is based on the 28% housing cost guideline.
The median home price in Georgia is approximately $335,000 as of 2026. Prices vary significantly by city and county. Georgia is the economic engine of the Southeast.
A 20% down payment on the median Georgia home ($335,000) is $67,000. FHA loans allow 3.5% down ($11,725) and VA loans offer 0% down for eligible veterans.
Georgia has a property tax rate of 0.87%, which is near the national average. On the median home, that is $2,915/year. Georgia offers a homestead exemption of $2,000 off assessed value for qualified residents.