Is there anywhere OTP (South Atlanta) you would live? (Peachtree City: apartment, foreclosure) - Georgia (GA) - City-Data Forum

OTPWoes · 08-11-2016, 08:55 AM

I'm looking to buy a house w/ a household income a little over 80K. I've been doing heavy research and the consensus seems to be to not purchase anything over 2x your annual income.

So that puts me at 160K. Unfortunately, it seems the only thing available in my price range is in South Atlanta. Is there anywhere south of Atlanta where you would be "OK" living? Or am I just destined for horrible neighborhoods and a poor education for my future children?

I should add that day care costs are astronomical. My wife and I hope to have a child within the next two years, and $800/month in daycare fees will eat up a large portion of our income.

Income: $82,000
Budget: $160,000
Property Type: Single Family Home (maybe a townhome if it has a two car garage)
Employment Status: I work in Midtown. My wife works in Druid Hills (near Emory University).
Children: Currently no children. Plan to have 1 within two years. Public schools.
Suburban/Urban?: We currently live in the suburbs. Would enjoy city life, but I'm sure we cannot afford it.
Public Transit: It would be nice. I take MARTA to work every morning. A MARTA station within a 25 min drive would be ideal.
Preferable Demographics: Quiet...so not too many kids? More concerned w/ safety and maintaining property values.

We're currently considering Hampton, Jonesboro, Fayetteville, & Stockbridge.

Thanks so much for the info!

aries4118 · 08-11-2016, 10:02 AM

Is it 2x or 3x?

Traditionally, it was roughly 3x.

Aubie16 · 08-11-2016, 10:09 AM

Peachtree City and the Northgate cluster of Coweta County are the two best OTP areas that are south of the city, imo. Union Grove cluster in Henry is another really good area.

Unfortunately, while your commute wouldn't be terrible, your wife would have a tough time getting to the Druid Hills area every day. So much that it could be a deal breaker.
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tikigod311 · 08-11-2016, 10:19 AM

r/atlanta just isn't enough

Are you considering College Park? It hits almost all of your requests, less good schools. I don't have kids, but I am pretty sure there are other private schools in the area that aren't 35k a year (Woodward). But everything else is spot on. I commute daily to Poncy Highlands and it is very reasonable, MARTA access is excellent.

ATLTJL · 08-11-2016, 10:46 AM

The wisdom is generally 3x gross income, not 2x.

HOWEVER.....that is a very loose guideline. It doesn't consider other debt you may have, saving habits, etc. The real bottom line is that you and YOU ALONE know how much money you are comfortable spending on a house. It's very good that you know you would like to have a child and can factor in the cost of daycare.

How much money you have for a down payment is also a huge factor.

There are plenty of other, personal factors as well. For example, since you have a family income and I have the same thing, I based the purchase price of a house on what could still be afforded even if one of us lost our job. It already happened to my wife, and it could happen to me any time. Luckily, we can still make the monthly payment on a single income (though it would be the source of plenty of fighting if it went on long-term!) The point is, we wouldn't go into foreclosure in a month.

So forget what the common wisdom is and just understand what you are comfortable paying and stay within that range. If I were you, I'd probably stay in an apartment until I had a sizable down payment or started to make more money and could afford more house....but it's really a personal decision that only you can make. The biggest thing to understand is houses come with expenses that can't be put off. We just had to sink a bunch of money into a new dishwasher....a few months ago, we also had to replace that pipe between the house and the water main. When the air conditioner dies, we'll have to spend thousands. Make sure you have enough to cover these unexpected costs that come up in a flash.

OTPWoes · 08-11-2016, 01:40 PM

Quote:

Originally Posted by tikigod311

r/atlanta just isn't enough

Are you considering College Park? It hits almost all of your requests, less good schools. I don't have kids, but I am pretty sure there are other private schools in the area that aren't 35k a year (Woodward). But everything else is spot on. I commute daily to Poncy Highlands and it is very reasonable, MARTA access is excellent.

Lol. Hi! I'm looking for all the advice I can get!

Othello Is Here · 08-11-2016, 04:19 PM

Quote:

Originally Posted by OTPWoes

Lol. Hi! I'm looking for all the advice I can get!

i think you can find a house in an up in coming area that might have not so great schools but are improving. Maybe by the time you have kids you will be ok for them to attend.

Try somewhere in Morrow/Rex.Schools are improving but I cant tell you exactly where as I have no kids.
MARTA Buses go out there and its really diverse

JoeTarheel · 08-11-2016, 08:18 PM

You really shouldn't count out South Atlanta as "horrible neighborhoods and poor education". Look into some of the ITP neighborhoods too if you want more bang for your buck - there are great neighborhoods there that are still relatively undiscovered, but you have to take time to experience them and not assume it's all one big ghetto. As far as OTP there are great schools out there in some areas and great suburban neighborhoods. Too many people think that the north side of Atlanta is all there is and that is just incorrect.

aries4118 · 08-11-2016, 08:27 PM

If you do 3x, your budget is roughly $240,000.

That can get you a nice resale of various housing styles in good school districts all over the metro (north, south, east, west).

Big L · 08-12-2016, 07:58 AM

$160K would get you into something decent in parts of Clayton and Henry. The MARTA station requirement may be rough depending on where you settle.

I know that some people say 3x your gross income, but 2x is a more reasonable benchmark. The last thing that you want to do is end up being "house poor" when you don't have to be. The key is to still have savings and disposable income left over after the mortgage and other bills. Unless you are already debt free outside of the mortgage and household bills (gas, power, water, etc.), 3x your income may stretch things a little too thin.