What’s the cost of living in Georgia?
Wondering about the cost of living in Georgia? This article summarizes everything you need to know, from tax rates to healthcare costs.
When considering a move to a new state, understanding the cost of living is vital for effective budgeting and financial planning. If Georgia is at the top of your list, delve into the current statistics related to the cost of living in the state.
The average cost of living in Georgia
Georgia is one of the fastest-growing states in the country, with a projected population increase of 17.7% by 2030.
Despite this huge growth trajectory, Georgia's cost of living tends to be relatively lower than the national average. According to data gathered in 2022 from MERIC, the Missouri Economic Research and Information Center, Georgia has the fifth-lowest cost of living in the United States.
Housing costs in Georgia
As of March 2023, the average home value in Georgia is estimated to be around $306,000, according to the Zillow Home Value Index as of March 2023.
However, it's important to note that housing prices can significantly differ across various regions within the state. Here are some examples of typical home prices based on Zillow's data:
|City||Average Home Value|
According to the U.S. Census Bureau, monthly rental prices for a two-bedroom apartment range between $1,086 for those considering renting in Georgia.
Utility costs in Georgia
Utility costs play a significant role in Georgia's overall cost of living. According to Forbes, the average monthly cost is around $474.
|Utility||Average cost in Georgia|
|Monthly water bill||$28|
Grocery and food costs in Georgia
When it comes to groceries and food costs, Georgia generally aligns with prices found elsewhere in the United States.
According to Zippia, those in Atlanta pay over $397 on average each month. This is just outside the ten highest in the country.
According to 2021 data from the Bureau of Labor Statistics, the average spending on food at home is $5,259 annually, or about $438 per month for US households.
Transportation costs in Georgia
Transportation costs, including gas prices and vehicle maintenance, impact Georgia's overall cost of living.
Gas prices in Georgia typically stay close to the national average. However, these prices fluctuate over time.
It is also worth noting that prices can vary across different regions within the state.
Healthcare costs in Georgia
Understanding healthcare expenses is crucial when considering the cost of living.
The specific healthcare costs in Georgia can vary depending on factors such as insurance coverage and individual circumstances. Therefore, it is advisable to research and consult with healthcare providers and insurance companies to obtain accurate cost estimates.
|Scenario||Annual healthcare expenditure|
|One adult, no children||$3,198|
|One adult, one child||$9,213|
|One adult, two children||$9,223|
|Two adults (one working), no children||$6,638|
|Two adults (one working), one child||$9,223|
|Two adults (one working), two children||$9,149|
|Two adults (two working), no children||$6,638|
|Two adults (two working), one child||$9,223|
|Two adults (two working), two children||$9,149|
Childcare costs in Georgia
Families in Georgia currently pay around $7,453 per year for childcare for one child. This figure doubles for two children.
However, it's important to note that this figure can vary across the state.
Taxation in Georgia
Georgia’s state income tax rates range from 1% to 5.75%.
Here's a comparison of income tax rates among some neighboring states:
|State||Income Tax Rate Range|
|Georgia||1% - 5.75%|
|Alabama||2% - 5%|
|Florida||No state income tax|
|South Carolina||0% - 7%|
|Tennessee||No state income tax|
The sales tax rate in Georgia is 4% imposed by the state. However, local jurisdictions, such as counties and cities, may impose additional sales taxes. Therefore, the total sales tax rate can vary depending on the specific location within Georgia. As a result, Georgia's combined state and local sales tax rates can range from 4% to 8.9%.
The bottom line
The amount of money needed to live comfortably in Georgia can vary depending on location, lifestyle, family size, and personal preferences.
It's essential to consider these factors, along with personal circumstances and preferences, when evaluating the cost of living in Georgia. In addition, consulting with a financial advisor can provide valuable insights and assistance in managing expenses and financial planning.
Whether you’re retirement planning or considering relocating to chase a new career, Unbiased can assist you with your move's financial ins and outs. Find the right advisor for your needs today.
Charlie Barton is a writer at Unbiased. He has been writing about personal finance and investing since 2017, with extensive knowledge of platforms and products. Charlie has a first-class degree from the London School of Economics.