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Vol I   Issue 14                July 3, 2006

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Vibrant University Town Athens, Georgia Offers Seniors Affordable Real Estate

Cost of Living:  Below the National Average

Leafy Athens, Georgia is located in the east central part of the state and is home to the sprawling University of Georgia.  While definitely a college town, Athens is attracting more pre-retirees and retirees because of its low cost-of-living, mild weather and affordable housing.  Roughly 25% of the population is aged 45-64 years old, and since 2000, the population of the over-50 set has grown by 30%.   Nicknamed the "Classic City" because many of its buildings resemble classic Greek architecture, this bustling small-city (population 103,000) boasts a small-town feeling, some award-winning restaurants and a thriving, restored downtown area with fun shops, pubs, art galleries and lots of live music.  

 

Athens real estate prices range from less than $100,000 for small cottages to multi-million dollar historic mansions, and the city has numerous, wonderfully distinct neighborhoods (14 are listed on the National Register of Historic Places), many representing antebellum, Victorian and early 20th century architectural periods.   One of the most popular neighborhoods with older residents is the quiet, low-density Five Points area, located at the southwest edge of the University.  Homes here are primarily single-family, mostly brick and frame, and built just before and after WWII.  

 

 

This neighborhood has grocery stores and restaurants and a nice feel to it.  Home prices start at roughly $69,000 for small, 3 bedroom, 2 bath cottages built in the 1940s.   $124,000 will fetch a brick, 2 bedroom, 2 bath home with a great room and a deck, and $189,000 will buy a brick ranch with lovely landscaping, 5 bedrooms, 3 baths, wood floors and a carport.    These are in generally good shape, but some may need fresh paint or interior updating.

We also found several town homes in Five Points.  Those with 3 bedrooms, 2.5 baths and 1,250 square feet were selling for $89,000, and some one bedroom units were priced at $77,000.

 

Other neighborhoods to consider are East Athens, West Athens and Hampton Park where older, cozy 2 and 3 bedroom homes with 1/2 acre lots sell for $125,000 and up.   There are also newer, more expensive homes in these neighborhoods and throughout town.  $259,000 will fetch a beautiful, new home with 9 foot ceilings, 4 bedrooms, 2.5 baths, a great room, a 2 car garage and an acre of land.   Lovely, stately, brick homes with 5 bedrooms, 3.5 baths and every up-to-the-moment design feature imaginable are for sale starting in the $385,000 range.   Many newer homes are also popping up on what used to be open land outside of town.  Harrowford Estates, Laurel Shores and Great Oaks are just a few of these newer communities.

Sterling Mills, a new, age-restricted retirement community that has homes for sale with 1, 2 and 3 bedrooms, is located just outside of town, and Lanier Gardens is an assisted-living facility that offers small apartments (706-369-7100).

We also found several manufactured homes for sale, ranging in price from $79,000 for a 4 bedroom, 3 bath home on 3.5 acres to a 3 bedroom, 2 bath home with very little land for $199,000.  Mobile homes nestled in the woods start at $23,000 for 1 bedroom and 1 bath.

Athens has more than its share of rental properties, including houses, town homes and apartments, but most cater to the college crowd.  The further from campus one travels, though, the more likely complexes will have tenants other than students.  On average, 3 bedroom, 2 bath apartments and homes rent for $900-$1,100 a month, although a downtown luxury loft with 1 bedroom and 1 bath can lease for $1,200 a month.

In short, Athens has a wide range of housing in all price ranges, including some very affordable properties.   Taxes on real estate are $32 per $1,000 of assessed value, and property is assessed at 40% of market value.  There is a homestead exemption of $10,000 for all full-time residents.  Social Security benefits are not taxed, and for those 62 and older who have retirement income, up to $14,000 is exempt from state income tax.

Historic Athens, Georgia, Continued....


Great Retirement Spots Newsletter is published four times a month by Webwerxx, Inc.  2770 S. Elmira St., #152, Denver, CO  80231. (303) 358-0512.  Copyright © 2006.  All rights reserved.  No part of this electronic publication may be reproduced without the express written consent of Webwerxx, Inc.  All attempts were made to verify the accuracy of the information contained in this bulletin, but some information may have changed since publication. Webwerxx, Inc. cannot be held responsible for information that has changed since this publication appeared online.  Please contact us at staff@greatretirementspots.com if you have questions or comments.  To unsubscribe or change your subscription information, click here.


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