ULI Atlanta’s housing study was first commissioned in 2017 and released in 2018 to understand the depth and scale of the affordable housing issue across the Atlanta region. The study sought to define the problem in both market and financial terms that appealed to practitioners and developers. The 2023 updated analysis highlights the region’s current challenges in providing affordable housing for all Atlanta regional households.
Some key takeaways:
- Since 2018, all 5-County core households area grew by 9%. Growth in affordable cost-burdened households outpaced overall household growth – increasing 15%
- The cost to subsidize the 390,000 households within the region who are currently cost-burdened and making at or below 80% AMI in the 5-County area is $270 million per month.
- There is currently no ZIP code in the core counties where someone earning 80% or less than the area median income (AMI) can purchase a home at the median income price.
The study defines some of the problems in the affordability crisis to be: rents and home prices growing faster than incomes, cost burden persisting across the five counties, transportation remaining a significant cost, and inequity inhibiting housing choices.