Top 5 Residential Real Estate Investment Markets in Georgia

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By Trent Seigfried Updated May 24, 2024
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Edited by Michael Yessis

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Aragon is home to the best residential real estate investment market in Georgia.

The 30104 zip code in Aragon presents the greatest opportunity for investors among the 1,528 individual real estate markets in Georgia we evaluated. We looked at property values, population trends, and six other metrics for each market. We used that data to calculate each market's InvestScore.

Top 5 Georgia residential real estate markets

RankCity InvestScore Affordability Property value appreciation
1Aragon1003.182.11%
2Thomaston983.4100.86%
3Trion95.82.965.52%
4Pembroke93.63.580.49%
5Mount Airy933.785.54%
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1. Aragon

We've identified the 30104 zip code in Aragon as Georgia's best real estate investment market. Here's why.

πŸ”Ž Key data about Aragon

Data pointValueRank in state (of 1,528 markets)
Zip code30104N/A
InvestScore 100Highest
Typical property value $209,498[1]97th lowest
Five-year appreciation 82.11%[2]31st highest
Household income $67,069[3]181st highest
Affordability ratio 3.158th most affordable
Five-year population growth 25.5%[4]28th highest
Unemployment rate 3.6%[5]97th lowest
Property taxes $1,415[6]132nd lowest
Educational attainment 10.8%[7]367th highest
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Aragon (zip code 30104) is the best residential real estate investment market in Georgia. It has the 31st highest property value appreciation among markets we evaluated, with a 82.11% appreciation of the typical property over the last five years.

Aragon is the 58th most affordable market among the 1,528 Georgia markets we evaluated, with an affordability ratio of 3.1.

2. Thomaston

The 30286 zip code in Thomaston is Georgia's second-best residential real estate investment market.

πŸ”Ž Key data about Thomaston

Data pointValueRank in state (of 1,528 markets)
Zip code30286N/A
InvestScore 982nd highest
Typical property value $164,893[8]70th lowest
Five-year appreciation 100.86%[9]6th highest
Household income $48,346[10]303rd highest
Affordability ratio 3.480th most affordable
Five-year population growth 6.2%[11]161st highest
Unemployment rate 2.9%[12]51st lowest
Property taxes $1,212[13]83rd lowest
Educational attainment 16%[14]301st highest
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The 30286 zip code in Thomaston features a typical property value of $164,893, the 70th lowest in the state.

Property values have appreciated 100.86% over the past five years, the 6th highest increase among evaluated markets in the state. Thomaston homes have an affordability ratio of 3.4, the 80th most affordable in the state.

3. Trion

The 30753 zip code in Trion comes in at No. 3 in our ranking of residential real estate investment markets in Georgia.

πŸ”Ž Key data about Trion

Data pointValueRank in state (of 1,528 markets)
Zip code30753N/A
InvestScore 95.83rd highest
Typical property value $137,088[15]43rd lowest
Five-year appreciation 65.52%[16]176th highest
Household income $47,017[17]315th highest
Affordability ratio 2.941st most affordable
Five-year population growth 18.7%[18]48th highest
Unemployment rate 2.8%[19]43rd lowest
Property taxes $595[20]2nd lowest
Educational attainment 11.8%[21]352nd highest
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With a typical property value of $137,088, Trion's 30753 zip code features the 43rd lowest property values in the state.

Trion homes have an affordability ratio of 2.9, the 41st most affordable among the markets we evaluated.

4. Pembroke

The 31321 zip code in Pembroke ranks No. 4 among Georgia's residential real estate investment markets.

πŸ”Ž Key data about Pembroke

Data pointValueRank in state (of 1,528 markets)
Zip code31321N/A
InvestScore 93.64th highest
Typical property value $240,859[22]130th lowest
Five-year appreciation 80.49%[23]36th highest
Household income $68,689[24]36th highest
Affordability ratio 3.594th most affordable
Five-year population growth 7.7%[25]141st highest
Unemployment rate 4.6%[26]160th lowest
Property taxes $1,034[27]32nd lowest
Educational attainment 12.9%[28]338th highest
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Property values in Pembroke's 31321 zip code have seen the 36th highest increase among evaluated markets in the state, with an appreciation of 80.49% over the past five years.

Pembroke's affordability ratio of 3.5 makes it the 94th most affordable among the 1,528 markets we evaluated.

5. Mount Airy

The 30563 zip code in Mount Airy rounds out our top five residential real estate investment markets in Georgia.

πŸ”Ž Key data about Mount Airy

Data pointValueRank in state (of 1,528 markets)
Zip code30563N/A
InvestScore 935th highest
Typical property value $289,829[29]191st lowest
Five-year appreciation 85.54%[30]16th highest
Household income $78,594[31]16th highest
Affordability ratio 3.7106th most affordable
Five-year population growth 6.5%[32]157th highest
Unemployment rate 3.2%[33]66th lowest
Property taxes $1,345[34]115th lowest
Educational attainment 18.5%[35]275th highest
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Property values in Mount Airy's 30563 zip code rose 85.54% over the last five years, ranking the city 16th highest among evaluated markets in Georgia.

Mount Airy homes have an affordability ratio of 3.7, the 106th most affordable among the markets we evaluated.

How we rank residential real estate markets in Georgia

We evaluated 1,528 markets on eight metrics, and then assigned an InvestScore based on their weighted and combined rankings. Each market corresponds to a specific zip code in Georgia.

What is InvestScore?

InvestScore is a score on a scale of 0 (worst in state) to 100 (best in state) that estimates the residential real estate investment potential of a given market. It takes into account a suite of key data points for each city.

  • Typical property value: This measures the typical home value in this zip code, according to the Zillow Home Value Index. It reflects the typical value for homes in the 35th to 65th percentile range, including all homes, with the numbers smoothed and seasonally adjusted. We prefer lower property values, which indicate both more room for growth and a greater ease of purchase. We assign a weight of 20% to typical property values.
  • Property value appreciation: This measures how much property values have increased in the area over the past five years, according to the Zillow Home Value Index. We prefer a higher appreciation, as it indicates better returns on housing. However, past performance isn't indicative of future results. We assign a weight of 20% to property value appreciation.
  • Median household income: This is the inflation-adjusted median household income in the zip code, according to U.S. Census American Community Survey data. We prefer a higher household income, as it indicates local residents have more income to spend on housing. We assign a weight of 10% to median household income. We assign a weight of 10% to median household income.
  • Affordability ratio: This is the ratio of the typical home value to the median household income in the area. A lower ratio is better because it means more households can afford a home, which indicates higher demand. We assign a weight of 15% to the affordability ratio.
  • Population growth: This is how much the area's population has grown over the past five years, according to U.S. Census estimates. Higher is better, as it indicates residents are moving into the area at a rapid clip. We assign a weight of 10% to population growth.
  • Unemployment rate: This is the unemployment rate in the area, according to U.S. Census data. We prefer a lower rate, as it indicates the availability of steady employment in the area, meaning residents will find it much easier to afford homes. We assign a weight of 15% to unemployment rate.
  • Property tax: This is the median real estate property tax paid in the area, according to U.S. Census estimates. We assign a weight of 10% to property tax.
  • Educational attainment: This is the percentage of residents in the area that have obtained a bachelor's degree or better, according to U.S. Census estimates. We prefer a higher rate because it indicates  local residents who have higher earning potential and thus should be able to afford homes. We assign a weight of 15% to educational attainment.

Disclaimer: The information contained in this article isn't intended as, and shall not be understood or constituted as, financial advice. The information in this article isn't a substitute for financial advice from an investment professional or real estate agent who is aware of the facts and circumstances of your financial situation or the specifics of any individual property.

Article Sources

[1] Zillow – "Zillow Home Value Index". Updated March 31, 2024.
[2] Zillow – "Zillow Home Value Index, difference over last five years". Updated March 31, 2024.
[7] U.S. Census – "U.S. Census Table S1501 - Educational Attainment 2018-2022". Updated 2018-2022.
[8] Zillow – "Zillow Home Value Index". Updated March 31, 2024.
[9] Zillow – "Zillow Home Value Index, difference over last five years". Updated March 31, 2024.
[14] U.S. Census – "U.S. Census Table S1501 - Educational Attainment 2018-2022". Updated 2018-2022.
[15] Zillow – "Zillow Home Value Index". Updated March 31, 2024.
[16] Zillow – "Zillow Home Value Index, difference over last five years". Updated March 31, 2024.
[21] U.S. Census – "U.S. Census Table S1501 - Educational Attainment 2018-2022". Updated 2018-2022.
[22] Zillow – "Zillow Home Value Index". Updated March 31, 2024.
[23] Zillow – "Zillow Home Value Index, difference over last five years". Updated March 31, 2024.
[28] U.S. Census – "U.S. Census Table S1501 - Educational Attainment 2018-2022". Updated 2018-2022.
[29] Zillow – "Zillow Home Value Index". Updated March 31, 2024.
[30] Zillow – "Zillow Home Value Index, difference over last five years". Updated March 31, 2024.
[35] U.S. Census – "U.S. Census Table S1501 - Educational Attainment 2018-2022". Updated 2018-2022.

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