Housing GSO: HRA Greensboro Affordable Housing Plan

MARKET CONTEXT

HOUSING SUPPLY | Key Takeaways

Housing prices are affordable relative to incomes, but lower-income households still struggle to afford modest increases in rent and home value.

+17% Median home value since 2013 5% vs. 2% Change in rent vs. change in median income w/o degree

Low incomes, rather than market pressures, have historically driven Greensboro’s affordability challenges, impacting those w/o a college degree.

Single-family home values in the City of Greensboro are shifting up, with most new development occurring around the city’s periphery.

-5K Rental units below $750

Greensboro’s declining stock of of naturally occurring affordable rental units puts pressure on the city’s lowest income renter households.

75% Of multifamily deliveries from ‘09 - ’19 affordable to HHs $30 -$40K 63% Of housing stock built 20-60 years ago

Recent market rate deliveries are largely affordable to renters earning the median household income, but not to the lowest-income renters.

Greensboro’s housing stock is made up of a majority of aging, single -family units.

Source: 2010, 2017 ACS Estimates

HR&A Advisors, Inc.

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