Housing GSO: HRA Greensboro Affordable Housing Plan

MARKET CONTEXT

HOUSING NEED | Current and Future Rental Housing Gap

The rental housing gap highlights the gap between what households can afford to pay in rent and the supply of units available at those rents. The analysis considers this gap at different income levels, and projects how the gap will change over time based on rent and income trends.

Cumulative Rental Housing Gap, 2017

Cumulative Rental Housing Gap, 2030

Supply

Demand

Supply

Demand

-3.5K units

(13.7K)

Less than $20K

(18.3K)

Expansion of gap

Less than $20K

$20K - $30K Less than $30K

(4.1K)

+1.2K renters

$30K - $40K Less than $40K

-8.0K units

Expansion of gap

(11.0K)

$40K - $60K Less than $60K

$20K - $30K

$60K+

-1.1K renters

-

5,000 10,000 15,000 20,000 25,000 30,000

-

10,000 20,000 30,000 40,000 50,000 60,000

If current trends continue, in 10 years, the affordability gap will almost triple for households earning less than $30K. This gap is largely driven by substantial loss of affordable units.

Greensboro’s lowest-income renters face the most severe gap in the availability of affordable units. Households earning the median income in Greensboro ($45,000) are better served by the market.

Source: ACS, PUMS 2010 and 2017 5 Year Estimates

HR&A Advisors, Inc.

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