The high cost of buying a home in Fannin County has been discussed at several meetings of city and county government officials recently, but just how high is that cost?
A new study released last week from SmartAsset places Fannin County fourth in all Georgia.
“The study used median home values and estimated interest rates for a 30-year fixed rate mortgage to calculate the total cost of financing a home,” according to the study material.
In Fannin County, the median home value was $433,396, financed at an interest rate of 7.19%, which brought the total cost to $933,141.
Fannin County trailed only Forsyth, Greene and Oconee counties in the “Most Expensive Index” created by SmartAsset.
In those counties, median home, interest rate, and total cost were:
•Forsyth, $559,328, 6.81%, $1,163,436;
•Greene, $525,451, 6.73%, $1,085,039; and,
•Oconee, $484,797, 7.19%, $1,043,812.
Gilmer County ranked tenth most expensive in Georgia with a median home value of $372,103, which is $61,294 less than Fannin County’s. The interest rate estimate was the same at 7.19%, creating a total cost of $801,169.