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North Georgia Business Radio

Tommy Howard - The Norton Agency

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𝗗𝗶𝗱 𝘆𝗼𝘂 𝗸𝗻𝗼𝘄 𝘁𝗵𝗮𝘁 𝗶𝗳 𝘆𝗼𝘂 𝗽𝘂𝘁 𝗮 𝗵𝗼𝗺𝗲𝗹𝗲𝘀𝘀 𝗽𝗲𝗿𝘀𝗼𝗻 𝗼𝗻 𝗼𝗻𝗲 𝗰𝗼𝗿𝗻𝗲𝗿 𝗼𝗳 𝘁𝗵𝗲 𝗚𝗮𝗶𝗻𝗲𝘀𝘃𝗶𝗹𝗹𝗲 𝗦𝗾𝘂𝗮𝗿𝗲 𝗮𝗻𝗱 𝗮 𝗯𝗼𝘅 𝗼𝗳 𝗽𝘂𝗽𝗽𝗶𝗲𝘀 𝗼𝗻 𝗮𝗻𝗼𝘁𝗵𝗲𝗿, 𝗺𝗼𝘀𝘁 𝗽𝗲𝗼𝗽𝗹𝗲 𝘄𝗼𝘂𝗹𝗱 𝗵𝗲𝗹𝗽 𝘁𝗵𝗲 𝗽𝘂𝗽𝗽𝗶𝗲𝘀 𝗳𝗶𝗿𝘀𝘁?

This powerful insight from Tommy Howard, CEO of The Norton Agency, kicks off an important discussion about housing, homelessness, and community responsibility in North Georgia…

𝗣𝗵𝗶𝗹 𝗮𝗻𝗱 𝗧𝗼𝗺𝗺𝘆 𝗮𝗿𝗲 𝗮𝗹𝘀𝗼 𝘁𝗮𝗹𝗸𝗶𝗻𝗴 𝗮𝗯𝗼𝘂𝘁:

✅ The incredible surge of home prices in Hall County — prices up 61% in just 5 years

✅ Creative solutions for housing affordability, including a proposed capital gains tax holiday

✅ Why land remains one of North Georgia’s most precious resources

…and so much more

𝗧𝗵𝗶𝘀 𝗲𝗽𝗶𝘀𝗼𝗱𝗲 𝗼𝗳 𝗡𝗼𝗿𝘁𝗵 𝗚𝗲𝗼𝗿𝗴𝗶𝗮 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗥𝗮𝗱𝗶𝗼 𝗶𝘀 𝘀𝗽𝗼𝗻𝘀𝗼𝗿𝗲𝗱 𝗯𝘆 𝗢𝗹𝗶𝗽𝗼𝗽 – 𝘁𝗵𝗲 𝗱𝗲𝗹𝗶𝗰𝗶𝗼𝘂𝘀, 𝗵𝗲𝗮𝗹𝘁𝗵𝘆 𝗮𝗹𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝘃𝗲 𝘁𝗼 𝘁𝗿𝗮𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝘀𝗼𝗱𝗮𝘀. Go grab an Olipop while you’re out and about today. Trust Phil on this one – it might just change your life

One of the most striking insights from our conversation with Tommy was the stark reality of housing affordability. Tommy shared that the average home price in Hall County is now over $500,000. This means that for a conventional 80/20 loan, a buyer would need $100,000 just to start the process. Factor in taxes, insurance, maintenance, and utilities, and you’re looking at a required household income of over $140,000 to $150,000 just to afford an average home.

This presents a significant hurdle for young people trying to build wealth through homeownership, which has historically been a primary driver of wealth creation since the 1950s.

The consequences of this affordability crisis extend beyond individual finances. As Tommy pointed out, this delay in homeownership can have far-reaching effects on wealth accumulation over time. Without that first step on the property ladder, young people miss out on:

Building equity
Benefiting from property appreciation
Having an asset to borrow against for future investments or education

Despite these challenges, there are still opportunities for wealth creation. Here are some strategies Tommy discussed:

Explore Alternative Housing Options: While single-family homes may be out of reach, consider starting with more affordable options like condos or townhouses.
Invest in Land:As Tommy emphasized, “You can make more money, but you can’t make more land.” Purchasing land can be a long-term investment strategy, even if you’re not ready to build on it immediately.
Partner with Others:Consider co-buying properties with friends or family to split costs and build equity together.
Leverage Existing Assets:If you own land, explore opportunities like land leases to generate income without selling the property.

One point Tommy emphasized repeatedly was the enduring value of land. Investing in land offers multiple benefits:

It’s a finite resource that tends to appreciate over time
It provides options for future development or agricultural use
It can serve as a refuge and connection to nature

For those with the means, Tommy suggests considering larger land purchases: “If you want to get 50 or 100 acres, you could find somebody to farm it for you. And then you just live on this beautiful farm.”

While the path to homeownership may look different for this generation, it’s clear that creative thinking and a willingness to explore alternative strategies will be key to building wealth. As business leaders and community members, it’s crucial that we continue to address the affordability crisis and seek innovative solutions to support the next generation’s financial growth.

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Highlights Of The Show

00:31 – Guest Introduction: Tommy Howard, CEO of Norton Commercial Real Estate

Tommy Howard shares insights on real estate trends, homeownership, and generational wealth.
Started as a college intern at Norton and worked his way up to CEO.

Segment 1: Wealth Creation Through Homeownership

04:26 – Homeownership as a Wealth-Building Tool

Real estate has historically been the #1 way to build generational wealth.
Challenges today: Rising home prices, affordability issues, delayed life milestones (marriage, kids, homeownership).

05:45 – Affordability Crisis in Housing

Average home price in Hall County: $500,000.
Requires $100,000 down payment and a $140K+ household income just to qualify for an average home.

07:30 – A Proposed Solution: Capital Gains Tax Holiday

One-time, 12-month capital gains tax exemption for investors selling single-family homes.
Would encourage investors to sell off rental properties, flooding the market with supply to lower prices.
Howard shared that investors in Hall County expressed interest in selling if this tax break were available.

Segment 2: Renting vs. Buying – The Market Reality

12:47 – Timing the Market: When to Buy a Home?

Best time to buy? “Today.”
Example from the 2008 housing crash—those who held onto their homes recovered and doubled their money.
Home appreciation in Hall County (2020-2025): 61%—significant wealth accumulation for homeowners.

14:42 – Apartment Market Saturation

300+ vacant rental units in Gainesville area—overbuilt market.
Rent prices remain high ($1,900/month average rent vs. $3,000+ mortgage payments).
Apartments reduce homeownership burdens but lack long-term financial benefits.

Segment 3: Addressing Homelessness in Hall County

20:05 – Homelessness is a Community-Wide Issue

400-500+ estimated homeless in Hall County—actual numbers could be higher.
Causes: Mental health issues, substance abuse, criminal histories, lack of family support.
Other counties are bussing homeless individuals into Hall County due to its strong charity & resource networks.

21:55 – The Strain on Community Resources

Impacts: Overburdened police, hospitals, social services.
Solution: A coordinated effort among nonprofits, government agencies, and businesses to tackle root causes.

26:42 – A Powerful Thought Experiment

“Who would you help—a homeless person or a box of puppies?”
People naturally help puppies but hesitate to help human beings in need.
Calls for a shift in perception and action toward homelessness.

Segment 4: Investing in Real Estate & Land

31:49 – What’s the Best Real Estate Investment?

Single-family homes, apartments, commercial properties, or land—all good options depending on goals.
Land is the most valuable asset—everything (homes, businesses) is built on land.

33:50 – The Rise of Land Investing

Farm & land ownership is in high demand—post-pandemic buyers seek larger properties.
Farm leases: Many farmers lease land to expand their operations instead of buying outright.

Segment 5: Business Trends & Civic Engagement

35:44 – The Need to Preserve Green Spaces

Balancing real estate development with environmental conservation is crucial for maintaining quality of life.
North Georgia Land Trust helps landowners protect land while allowing for sustainable development.

38:27 – Civic Clubs & Face-to-Face Business Networking

Rotary, Kiwanis, and civic organizations are seeing a post-pandemic resurgence.
People are craving real-world connections after years of virtual interactions.