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A person can buy an entire town in the Peach State for nearly the price of a house in San Francisco.
Imagine this: you can buy an entire town for the price of only one San Francisco house. Currently, the entire town of Toomsboro, Georgia is on sale for $1.7 million, MarketWatch claims.
Meanwhile, the average home in San Francisco costs $1.378 million, Zillow calculates. So, a whole town can cost only a little bit more than a single home in San Francisco. For this reason, anybody who can afford a home in San Francisco can probably finance the purchase of a town in Georgia.
Yes, You Can Buy An Entire Town For $1.7 million
Astonishingly, the entire town of Toomsboro is actually for sale. To elaborate, most of the property in Toomsboro, a town of 700 people, is presently available for purchase.
The properties for sale in Toomsboro include an amazing variety of things. There’s a syrup mill, an opera house, a school, a railroad depot, a cotton warehouse, a historic inn, a filling station, a barbershop, a grist mill, and several houses. All of the properties belong to one owner who is listing them for sale online.
As a result, a person can purchase several homes and several businesses for the cost of one home in San Francisco. Moreover, a person can buy 40 acres of land with houses in Georgia for nearly the same price as a San Francisco home.
Buy An Entire Town In Georgia For The Price Of A San Francisco Home
The town of Toomsboro has been for sale since 2012, MarketWatch states. However, the owner has not been able to find the right buyer yet.
Toomsboro’s price is also steadily falling. In particular, they listed the town for $2.5 million in 2012 and the current price is $1.7 million in 2019. The price is continually falling because no buyers have come forward.
In fact, a man by the name of David Bumgardner owns most of Toomsboro. Nonetheless, Bumgardner will only sell Toomsboro to someone who appreciates the town’s history. Toomsboro is in Wilkinson County, which is in central Georgia. The Central of Georgia Railway founded Toomsboro in 1869 as a stop on a rail line.
Buy An Entire Town For “Hollywood In Georgia”
A website even lists movie and TV production along with camping as potential uses for Toomsboro.
Notably, one of America’s largest movie studios, Pinewood Atlanta Studios, is in Georgia. Pinewood Atlanta offers moviemakers 18 sound stages and 700 acres to film on. Furthermore, major movies produced there include Avengers: Infinity War and Three Billboards Outside Ebbing, Missouri.
This could mean that California is now too expensive for Hollywood. Instead, movie production may be moving to Georgia because it is cheaper there.
Buy An Entire Town For The Cost Of Living In San Francisco
Additionally, you could buy the town of Toomsboro almost 45 times over for the listing price of the most expensive San Francisco house.
To explain, they listed a six-bedroom house at 950 Lombard Street in San Francisco at $45 million in October 2018, Business Insider reports. This house in the Russian Hill neighborhood contains eight bathrooms, a four-car garage, and a swimming pool.
Homes are incredibly expensive in San Francisco because of the city’s close proximity to Silicon Valley. Specifically, housing is so expensive in the Bay Area that 59% of tech workers cannot afford homes, Venture Beat says.
90% Of San Francisco Residents Cannot Afford Homes In The City
Moreover, just 12% of San Francisco’s residents can afford to buy a home in the city, the California Association of Realtors estimates. Given these circumstances, the overwhelming majority of San Francisco’s residents cannot afford to buy a home in the city.
Consequently, the San Francisco Bay Area is experiencing a mass exodus of a record number of residents, CBS Bay Area reports.
In fact, a U-Haul truck rental business owner in San Jose (Silicon Valley) tells CBS Bay Area that his biggest problem is getting moving vans back. This is because more moving vans are leaving San Jose than coming into the city.
Perhaps it should come as no surprise, then, that Atlanta is a city which CBS lists as a destination for Bay Area expatriates. For this reason, those seeking cheap housing should head to Georgia. After all, a person can buy an entire town in the Peach State for nearly the price of a house in San Francisco.
You may also enjoy reading an additional Off The Grid News article: If $117000 Is Low Income In San Francisco, What’s Next For America?
What do you make of the cost-of-living situation in San Francisco? How does it compare to the rest of the nation? Let us know in the comments below.