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Old 08-20-2019, 01:17 PM
 
Location: Kirkwood
23,606 posts, read 17,815,016 times
Reputation: 5496

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Instead of tearing down an existing mid 20th century apartment complex, developers will invest $25K into the units.
Quote:
Atlanta-based Tenth Street Ventures and Braden Fellman Group paid about $125,000 a unit for 13 aging apartment buildings covering more than 12 acres between Buckhead and Decatur. The 335 apartments are clustered in a low-density residential area off Cheshire Bridge, Lenox and Lavista roads.

The properties offer a microcosm of their investment strategy. The apartments, built decades ago, are renting for about $800 a month. After renovations, the new ownership would offer units starting at $1,100 a month.
Quote:
If rents range from $1,100 to $1,300 at the new project, that would qualify as workforce housing, at 80% to 120% of area median income, said Douglas Faust, executive director of the Decatur Housing Authority. Put another way, someone trying to live in the city on about $42,000 could afford one of the renovated units. So could a family of four making from just under $64,000 to about $95,500.
https://www.bizjournals.com/atlanta/...y-that-ot.html
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Old 08-20-2019, 06:07 PM
 
3,255 posts, read 1,512,647 times
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Is working class suppose to mean middle class for the purpose of this thread?
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Old 08-21-2019, 11:08 AM
 
3,856 posts, read 986,457 times
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Quote:
Originally Posted by DreamerD View Post
Is working class suppose to mean middle class for the purpose of this thread?
Working class income in Atlanta very may well mean middle class elsewhere, yes.
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Old 08-21-2019, 11:10 AM
 
3,801 posts, read 1,313,365 times
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Quote:
Originally Posted by ddm2k View Post
Working class income in Atlanta very may well mean middle class elsewhere, yes.
I think you have it backwards, if we're comparing major metros.

A middle class income here would be considered poor/working class in most other places.
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Old 08-21-2019, 11:49 AM
 
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When I made that post I was thinking about the people who aren't minimum wage poor but not middle class either. The thing is, I should probably stop thinking of working class as this because it doesn't really exist anymore. It's usually people are poor or middle-class and even with the latter, what was thought of as middle-class truly isn't because of the increased cost of living in Atlanta. One example is of teachers. They used to consider themselves middle-class (even if at the lower end) but many are identifying as working class due to having to work their full-time and another to complement their low income.
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Old 08-21-2019, 11:57 AM
 
3,856 posts, read 986,457 times
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Quote:
Originally Posted by citidata18 View Post
I think you have it backwards, if we're comparing major metros.

A middle class income here would be considered poor/working class in most other places.
My response was structured such that it seemed to me my quoted post implied "$1,100/month? Don't you mean middle class?"

$1,100/month rent may very well be accommodations for the middle class in smaller cities. But still likely working class accommodations in Atlanta.

I'm comparing Atlanta to smaller, not Atlanta to bigger, more expensive.
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Old 08-21-2019, 05:22 PM
 
Location: ATL -> HOU -> DAL
4,403 posts, read 3,613,077 times
Reputation: 3498
1100 in rent on a 42k a year salary is kinda high. I don't even spend that much in rent now and I make more than 42k.
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Old 08-21-2019, 06:09 PM
 
3,856 posts, read 986,457 times
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Quote:
Originally Posted by sedimenjerry View Post
1100 in rent on a 42k a year salary is kinda high. I don't even spend that much in rent now and I make more than 42k.
BIG difference in what someone would be approved for and what someone can afford.

Highly unlikely someone would be seeking $1100/mo apts on $42k with NO debt.
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Old 08-23-2019, 10:41 AM
 
Location: atlanta
4,193 posts, read 4,917,169 times
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Workforce housing is not $1100-$1200 a month in this economy. Try $400-$800. They are turning them into luxury apartments and trying to get government subsidies for it. And giving this story to higher income people so they don’t feel guilty about yet more people being kicked out of their housing to make room for “the creative class”.
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Old 08-23-2019, 10:45 AM
 
3,801 posts, read 1,313,365 times
Reputation: 2560
Quote:
Originally Posted by bryantm3 View Post
Workforce housing is not $1100-$1200 a month in this economy. Try $400-$800. They are turning them into luxury apartments and trying to get government subsidies for it. And giving this story to higher income people so they don’t feel guilty about yet more people being kicked out of their housing to make room for “the creative class”.
As a general rule of thumb, landlords look for tenants with a gross monthly income that's at least 3x the rental rate.

With a monthly rent of $1,100, that would equal out to $40K/year, which is a working class income level in a typical major city.

$400/month is Section 8 levels.
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