Housing GSO: HRA Greensboro Affordable Housing Plan

MARKET CONTEXT

KEY MARKET FINDINGS

AFFORDABILITY TRENDS The City’s affordable housing challenges are concentrated amongst renter households earning $30,000 and below. The problem is worse for the lowest-income renter households, those earning $20,000 and below that face an affordability gap projected to widen over the next ten years. 1

TRENDS IN HOMEOWNERSHIP The City is losing homeowners across all income bands , with the starkest loss in middle-income homeowners. This loss is mirrored at the MSA level, which also saw a decrease in middle-income homeowners, suggesting regional difficulties in accessing ownership . 2

TRENDS IN HOUSING STOCK The City’s existing housing supply is largely composed of older, single-family structures , which are at risk of abandonment and obsolescence, squeezing the available supply and adding to affordability challenges. 3

DEMOGRAPHIC TRENDS Greensboro is a growing city, and much of this recent growth has been driven by gains in its black population , including more educated and higher-income black residents. Still, the City’s housing market is characterized by deep-seated patterns of racial segregation, which impact housing choice. 4

HR&A Advisors, Inc.

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