Builders Patch | HousingCount: Georgia affordable housing data and latest news
Georgia
Summary
Georgia state is facing challenges to housing affordability. For every 100 low-income renter households, there are 76 units available that are affordable to them. The median household income in the state is $41,867 whereas the median rent in the state is $902. Currently, the state is short over 80,074 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.
35.5%
share of renter households
40.7%
share of low-income households
46.0%
share of rent-burdened households
Renter population data
| Type of Households | Households | % share |
|---|---|---|
| Renter households | 1,378,498 | 35.5% |
| Homeowner households | 2,506,873 | 64.5% |
| Total households | 3,885,371 | 100.0% |
| Low-income renter households |
Renter households by income group
| Income Group | Households | % share |
|---|---|---|
| Extremely low-income (≤30% AMI) | 193,441 | 14.0% |
| Very low-income (31-50% AMI) | 146,108 | 10.6% |
| Low-income (51-80% AMI) | 221,663 | 16.1% |
| All low-income households (<80% AMI) | 561,212 | 40.7% |
Rent-burdened households
| Type | Households | % share |
|---|---|---|
| Moderately rent-burdened | 323,789 | 23.5% |
| 30.0–34.9% | 115,006 | 8.3% |
| 35.0–39.9% | 87,259 | 6.3% |
| 40.0-49.9% | 121,524 | 8.8% |
| Severely rent-burdened | 310,130 | 22.5% |
| All rent-burdened households | 633,919 | 46.0% |
Affordable housing shortage
| Category | Amount ($) |
|---|---|
| Median household income in 2010 | 29,471 |
| Median household income in 2021 | 41,867 |
| Increase (2010–2021) | 42.1% |
| Median rent in 2010 | 636 |
| Median rent in 2021 | 902 |
| Increase (2010–2021) | 41.8% |
Affordable housing stock
| Category | Units |
|---|---|
| Supply (current stock) | 259,475 |
| Demand (total units needed) | 339,549 |
| Shortage | 80,074 |
| Total shortage | 80,074 |
| Supply/demand ratio | 76.4% |
Finance institutions
Georgia Department of Community Affairs / Georgia Housing and Finance Authority
Georgia Department of Community Affairs / Georgia Housing and Finance Authority
60 Executive Park South NE
Atlanta, GA 30329-2231
LIST OF loan programs
- HOME Investment Partnership Program (HOME)
- National Housing Trust Fund (NHTF)
- Housing Tax Credit Program
QAP document (Qualified Allocation Plan)
Georgia
The QAP is a document that states, and a few local agencies, must develop in order to distribute federal Low Income Housing Tax Credits (LIHTCs), which can be awarded only to a building that fits the QAP’s priorities and criteria. Each QAP must spell out a housing finance agency’s (HFA’s) priorities and specify the criteria it will use to select projects competing for tax credits. The priorities must be appropriate to local conditions.
Housing news
How Fed Rate Cuts Impact the Housing Market
The Federal Reserve’s recent rate cuts will influence the housing market, but the effects won't be immediate. Although lower rates make borrowing more affordable, the ongoing housing shortage and existing conditions in the market remain tough obstacles.
Key Takeaways:
- Lower Mortgage Rates: Fed rate cuts have already reduced the average 30-year mortgage rate, which dropped from a peak of 7.79% in late 2023 to around 6.2%. This could ease the burden for homebuyers and those refinancing.
- Home Sales: As rates decline, more homeowners might be encouraged to sell, which could help alleviate some of the housing market’s stagnation.
- Ongoing Supply Issues: Despite lower rates, housing supply shortages will persist, especially in high-demand areas.
Homelessness, already at a record high last year, appears to be worsening among workers
Homelessness is rising in the US, with a growing number of employed people now unable to afford housing due to high rents. Experts say increasing rental assistance and building more affordable housing are some ways to address this issue.