Apparently in Atlanta there are an unlimited number of people with an unlimited amount of money. Or so it seems.
The young rich folks go for the intown neighborhoods. The ones with kids go for the close-in suburbs. Both those areas are booming, with no sign of a price slowdown.
What's at risk are the spec houses in further-out suburbs, which were a marginal speculation to begin with. That's where the downturn will hit Atlanta first.
I don't understand it.
I make as much or more money than the median income in a lot of these booming high priced areas (but live in a much cheaper area) and couldn't even THINK of paying what these people do for a house. In fact I don't HAVE enough money left over just paying regular bills (not major debts aside from my car) to make those kind of payments.
I just don't see how people making $70,000 a year are buying $650,000 houses. How can people make a $5000 mortgage payment bringing home $6000 a month and still pay utilities, gas, cars, food, etc?