Atlanta residents are having a tough time finding homes for themselves and their families that are both adequate and, more importantly, affordable due to the city’s fast-growing housing costs. According to Maxwell Drever’s analysis of Atlanta’s affordable housing market, given the rate at which prices are increasing, the situation will inevitably get out of control for all parties concerned. These problems are caused by a number of things, all of which are gradually growing in importance.
Residents of several Atlanta communities, such as Gwinnett County, are worried about the lack of workforce housing that is affordable. Residents are still considering their possibilities as they look for housing options close to their children’s schools and their own workplaces. Atlanta’s suburbs were formerly thought to be affordable, but that is no longer the case. Particularly rental costs have increased to the point where they are on pace with metropolitan cities in the state.
Maxwell Drever enables you to examine the issue thoroughly and determine what is causing it to worsen.
Numerous factors contribute to the fact that housing prices are rising quickly, especially in suburbs like Gwinnett County. Affordable housing projects in the area are facing challenges due to factors like the area’s rapid population increase, infrastructure improvements, labor shortage, and material constraint. Massive delays in development have been caused by the COVID-19 epidemic, which has affected supply networks for the construction industry.
Challenges for People at the Bottom of the Pyramid Are Growing
Particularly for those with low and moderate incomes, Atlanta’s skyrocketing rental prices are a source of anxiety. This group is the target market for affordable housing projects, but due to sharp price increases, they are no longer able to afford the rent or mortgage payments for these homes. As Maxwell Drever explains, those who are just entering the workforce and those in professions like nursing, service work, early career teachers, and new instructors are among those who are struggling the most.
Gwinnett County Rental Properties’ Affordability
Gwinnett County, Atlanta, Georgia’s second-largest county, has remained mostly unscathed as the issue of affordability has dominated politics in Atlanta. However, commissioners set aside $250,000 last month to create a comprehensive affordable housing plan after hearing somber preliminary findings from KB Advisory Group’s county-wide investigation. However, Georgia’s median rent has risen to more than $1000, leaving about 76 percent of the state’s housing needs unmet.
Maxwell Drever Assesses the Situation at Hand
At the current rate of development, the picture is expected to remain stable until 2040. For instance, Gwinnett County had 957,000 residents as of 2020, and by 2040, that figure is projected to reach 1.5 million. The remaining households have few to no housing options because only 2% of households with annual salaries of $50,000 or more can purchase homes in the county.
According to Maxwell Drever, the authorities are alarmed by this issue. More consideration must be given to prospects for affordable housing in the region, and urgently at that.