With home prices increasing, workers find renting is tough - North Atlanta Business Post
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Updated Sep 22 @ 1:22PM
 

With home prices increasing, workers find renting is tough

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NORTH FULTON, Ga. – Housing costs continued to climb in Metro Atlanta through the first part of August, and few places have seen greater value growth than North Fulton.

The latest data from online real estate tracker Tulia shows the median sales price for a home in Roswell is at $371,000. The same home in Alpharetta will fetch about $12,000 more.

Estimates from online real estate data firms such as RealtyTrac, Trulia and Zillow show home prices in North Fulton cities have risen close to 7 percent over the past year. And those values are predicted to keep climbing.

While home values climb, the inventory of affordable housing is shrinking, particularly in North Fulton. There incomes for most families have not kept up with the rising market.

The affordable housing crunch has surfaced as a chief topic of concern in some cities.

Roswell officials recently reported that only about a quarter of city employees, 21 percent, live within the city.

That figure is even lower for Roswell workers as a whole, according to data from the U.S. Census Bureau.

In Alpharetta, city leaders are in the beginning stages of developing a strategy to provide affordable housing to its growing workforce.

Early data shows that 94 percent of workers commute into Alpharetta while the other 6 percent of employees live within the city.

And if this were not enough, a 2015 Brookings Institute study ranked Atlanta-Sandy Springs-Roswell 10th in the nation for the decline in the number of average jobs near residents.

The figures were based on numbers from 2000 to 2012 and showed a decline of nearly 15 percent over that span.

What’s worse, a report released this week by Apartment List, which tracks tens of thousands of renters across the country, says 76 percent of renters in Metro Atlanta plan to relocate to other areas.

Of those renters, 26 percent cite affordable housing as the chief factor in their decision.

Andrew Woo, data scientist with Apartment List, said Metro Atlanta is not alone.

“We found that only 10 of the 50 largest metros in the country have supplied enough new housing to keep pace with job growth in recent years,” he said.

“There is a strong correlation between the supply of new housing and rent growth, indicating that the lack of new construction is contributing to the affordability crisis in many parts of the country.”

To view the full Apartment List report, visit: https://www.apartmentlist.com/rentonomics/why-are-renters-moving

 


RENTAL PRICES

Median monthly charge for 1 bedroom arpartments
                 
  CITY   COST   +/- LAST MONTH   +/- LAST YEAR  
  Sandy Springs   $1,340   3.1%   14.5%  
  Atlanta   $1,310   4.0%   0.8%  
  Alpharetta   $1,290   4.0%   11.2%  
  Johns Creek   $1,220   0.8%   1.7%  
  Dunwoody   $1,190   0.8%   7.2%  
  Smyrna   $1,050   -1.9%   -3.7%  
  Roswell   $980   2.1%   7.7%  
  Marietta   $870   0%   1.2%  
  Norcross   $800   0%   0%  
  Gainesville   $750
5.6%   10.3%  
                 
Source: Zumper

 

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