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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.
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| 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. |
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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. |
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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....
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