What You Need to Know About Coweta County, GA, Cost of Living
Cost of living is a pretty simple concept, really. It refers to how much money it takes to cover basic living expenses such as housing, food, taxes, transportation, utilities, healthcare, and the like.
It may be simple, but it’s immensely important nevertheless.
Living costs are directly tied to wages and are, in large part, a major determining factor in what kind of lifestyle you can live. If the cost of living is high and expenses outpace income, then you’ll be limited in what you can buy and do.
In choosing where to buy a home and live, these costs should be a major determining factor. Let’s see, then, how Coweta County, GA, stacks up when it comes to the cost of living.
Living Costs in Georgia
Taken as a whole, the state of Georgia has a cost of living lower than the national average. On an index where the national average is 100, Georgia comes in at 93.4 overall.
And here’s how Georgia stacks up against the national average of 100 in various categories:
- Groceries/Food – 95.5
- Healthcare – 95.5
- Housing – 80.7
- Utilities – 103.2
- Transportation – 105.1
- Miscellaneous – 94.8
Now let’s look a little more closely at three important Georgia cost-of-living categories . . .
The cost of and access to healthcare are important considerations.
“Healthcare costs make up a significant part of the cost of living. The ability to afford healthcare as well as the ability to access care are key indicators of how much you will be paying for this important resource . . . Affordability is generally measured by the rates set for insurance coverage in a state, as well as the out-of-pocket expenses that need to be paid . . . If rates or out-of-pocket expenses are high, your [living costs] will increase. Access to healthcare is how easy or difficult it may be to receive the care.”
When both of these considerations are factored in, Georgia comes in at “number 46 out of all states in overall healthcare access and affordability.”
Utility costs in Georgia are slightly higher than the national average. This is due in large part to the very hot summers.
“Georgia has one of the highest state-wide average temperatures during the summer months of June, July, and August. If you live in Georgia, it is likely that your air conditioner will be running non-stop for most of the summer. This could contribute to higher energy costs during the summer based on your thermostat setting and preference for a cool indoor climate.”
This is where Georgia really shines when it comes to affordable living costs. It comes in at 80.7 on the index, as opposed to the national average of 100.
The median home cost statewide is $186,500. Compared to the nation-wide median home cost of $231,200, Georgia looks to be a great place to buy a home with respect to affordability.
Living Costs in Coweta County
But what about Coweta County in particular? To get a handle on living costs here, we’ll focus on Newnan for illustrative purposes.
“Newnan is a city in Metro Atlanta and the county seat of Coweta County, Georgia, approximately 40 miles (64 km) southwest of Atlanta. The population was 33,039 at the 2010 census, up from 16,242 in 2000, for a growth rate of 103.4% over that decade. In 2019, the population was estimated at 41,581.”
The economy is strong and the job outlook good in Coweta County. The unemployment rate is just 3.5% compared to the national average of 6.0%, and recent job growth shows a 2.9% increase in jobs.
The overall cost of living is 3.5% higher than the national average. But keep in mind that this is more than offset by the employment/business opportunities and salaries, as well as other benefits. “Living in Newnan has a suburban feel, which can be nice for families looking for more space than larger densely packed cities for the money and a good area to raise children.”
Other sources, though, maintain that the cost of living in Newnan “is lower than the national average and most cities in the state. While some areas can be higher than others on a state and federal level, the overall average of housing costs, utilities, grocery items, transportation, health care, and miscellaneous goods and services are less expensive.”
Coweta County housing affordability follows the trend across the state. The median home value is $211,600, which is significantly below the national median value.
What Sets Coweta County Apart
The cost of living in Coweta County may be slightly higher than the average for the state of Georgia, but there are other benefits that more than make up for it. Again, let’s look at Newnan as an illustrative example.
With respect to livability, Newnan scores above average.
The livability rating is “the sum of the city’s data points and factors, and then a weighting of these variables is used to determine a good standard quality of life compared to other cities. The livability score considers education, crime, cost of living, and residents’ overall happiness calculated as a predictive index through our advanced statistical models.” And Newnan comes out above average here.
Newnan also ranks high both statewide and nationally for education.
The good education rankings are arrived at by means of calculations considering “factors such as public school graduation rates, enrollment rates, teacher to student ratios, and student and parent reviews. This data and scores are a weighted average of the area’s schools.”
The area is a great place for young adults and young families and boasts an impressive diversity for the region.
“The city is filled with many young adults and people looking to start a family. The median age in the city is about 35 years old. The typical family has on average 3.1 people including children and parents. In terms of diversity, on a national level, Newnan ranks number 8329 which is above the national average for diversity and on a state level ranks 206 which is above the state average.”
So the cost of living in Coweta County, GA, is only slightly higher (though possibly lower, depending on your source) than the national average. But . . .
The economy is strong, unemployment low, and the job outlook excellent. In addition, Coweta County, as evidenced by what we see in Newman, has above-average rankings for both livability and education. And it has a diverse population and is a good place for young families.
These things matter because, while the cost of living is an important consideration, it’s not the whole story.
To discover even more about living in Coweta County, contact the ESP Team Realty.