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This region has for the longest been the destination for affordable housing. People who are being displaced in the high cost regions in the NE often seek refuge in the Southeast. However, things have changed since the recovery. Only high-cost rents have seen growth while low-cost ones have plummeted . Another striking finding is that 50% of households are cost-burdened. That means housing is 30% of household income. 80% of those who earn $35,000 or less are cost-burdened.
Location: New Albany, Indiana (Greater Louisville)
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I'm thankful to live in one of the last affordable housing refuges. You can still get a nice 1br apartment around here for $500 a month and a good starter home for under $100k.
Here in Savannah, the average market price for a 1BR apartment is now above $1,000 a month. For a nice 1BR loft in the downtown Historic District, you'll pay around $1,500. Some of the new suburban apartment developments are listing studios at $1,200 and up. It's crazy.
I'm guessing that since the Great Recession pushed a lot of folks into rentals, that increased demand so prices are going up. There's a lot of inventory flooding the market now in major Southern cities and over time, I think average rents will trend downward a bit. Of course, that will also be dependent on when the next economic downturn hits and what it will look like.
If you read the actual article, you'll see the study focuses on central cities rather than metro areas. So the thread title is misleading.
Quote:
In particular, we examine, using American Community Survey (ACS) data, the loss of low-cost rented housing units—defined here as units with gross rents of less than $750 per month—in eight large southeastern central cities from 2010 to 2014.
So while it's interesting on one hand and somewhat regrettable on the other, it doesn't appear to be that meaningful since so few people in sprawling metropolises live within the city proper.
I know Atlanta in particular eradicated nearly all of their public housing. I'm not sure what's going on in Memphis and Nashville but it's probably similar. It's probably a lot easier to evict poor people in Southern, conservative states as well. In socialist/communist Washington, DC, it is virtually impossible to evict a tenant without showing that they are running a 50-state, RICO-violating drug operation out of the apartment.
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