When you think of wealthy cities, the usual suspects are New York, Miami, Los Angeles, etc.
But did you know that regions in the Southeast are quickly catching up? The number of individuals in Atlanta with a 30 million+ net worth soared to 22% in 2017. Atlanta is home to 20 Fortune 500 companies, ranging from Home Depot to Coca-Cola, as well as many entertainers. It is also considered one of the top 10 tech meccas in the United States, with many tech startups calling the city home, including MailChimp and BitPay.
Part of the reason for the explosion of wealth is the tax incentives that the city as well as the state of Georgia have offered the entertainment industry. They are the only state with such a program and it has paid off. With major films and television shows being filmed on location in Atlanta consistently. In fact, the film industry’s spending has increased to 2.2 billion dollars, which has pumped more money into the economy. In Florida, there is no state income tax, which further incentivizes growth. All of these things have drastically affected the real estate industry, with the demand for luxury homes and apartments growing.
But not all of the entertainers and business executives actually live in single family homes. Many of them choose to stay in luxury multifamily rentals, and the demand for multifamily properties has increased drastically as well. There are currently rentals on the market for over a million dollars, which is something new for the Southeast.
Real estate development and investment in the southeast is expected to only increase as wealth continues to grow in these areas.