Home » Submarket 3: Rapidly Changing Urban Neighborhoods

Submarket 3: Rapidly Changing Urban Neighborhoods

Submarket 1: Higher-Priced Urban Neighborhoods Submarket 2: Higher-Priced Urban Employment Centers Submarket 3: Rapidly Changing Urban Neighborhoods Submarket 4: Below-Median Priced Urban Neighborhoods Submarket 5: Higher-Priced Suburban Employment Corridors & Town Centers Submarket 6: Higher-Priced Suburban Neighborhoods Submarket 7: Below-Median Priced Suburban Neighborhoods Submarket 8: Below-Median Priced Suburban Employment Corridors & Town Centers Submarket 9: Below-Median Priced Rural Submarket 10: Higher-Priced Rural

Rapidly changing urban neighborhoods with the region’s oldest homes and quickest increases in home sale prices.

High proportion of residents in poverty (along with 4)
Mix of owners and renters
Mix of SF and MF housing units
Low median household incomes (along with 4)
Mix of low, medium, and high cost-burdened owner households

Median Home Sale Price (2023)

$255,000
+111.62% since 2018

Home Sale Price Per Sq. Ft (2023)

$169.76 per sq. ft.
+112.20% since 2018

Median Building Area

1,496 sq. ft.

Median Year Built

1973

Data source: ARC analysis of ATTOM Data Solutions’ home sale transactions, 2018-2023. Explore this data further in the Data Explorer

TOP STRATEGIES AND ACTION STEPS FOR THIS SUBMARKET

Increase Supply

Identify areas appropriate for higher density

Downtown districts
Commercial and employment areas or corridors
Near amenities (schools, restaurants, retail, grocery stores)
Public land
Near transit stops: MARTA, Bus Rapid Transit, Transit-Oriented Development (TOD)
Trails and bikeways

Mandate and incentivize affordable housing development

Implement Inclusionary Zoning ordinance
Expedite permitting processes for affordable housing
Waive fees for affordable housing
Allow density bonuses for additional affordable units

Support smaller homes and ownership opportunities 

Allow Accessory Dwelling Units (ADUs)
Reduce minimum home size requirements
Allow missing middle, cottage, and small housing types
Allow lot subdivisions and/or flag lots to promote ownership
Modify setbacks, heights to encourage diverse housing types
Develop home ownership programs and partnerships

Allow innovative housing types

Enact missing middle ordinances
Repurpose land and buildings for affordable housing
Consider modular designs
Partner for workforce housing, supportive housing
Ensure mixed-income, mixed-use housing aligns with new commercial development
Partner with employers for Employer-Assisted housing

Establish new or partner with existing housing entities

Assist in creating or joining a Land Bank
Assist in creating or partnering with a Community Land Trust
Partner with a Housing Authority

Expand Capital Resources

Establish local housing funding resources and programs

Create a Housing Trust Fund and seed with general funds
Consider bonds as a funding resource for affordable housing
Explore Tax Allocation Districts and TIF Funding

Identify regional funding mechanisms

Identify entitlement funds including CDBG, HOME, HOPWA administered by the Georgia Department of Community Affairs (DCA)
Identify Federal funding sources
Identify philanthropic resources

Collaborate on new programs and partnerships

Create and support a Land Trust to purchase and develop permanently affordable housing
Collaborate with non-profit and for-profit developers on housing
Collaborate with Development Authorities, Housing Authorities

Develop Leadership & Collaboration on Affordability

Identify housing needs through planning

Commission a housing assessment for your community
Require affordable housing recommendations in planning updates
Identify a pipeline of potential affordable housing development projects

Form committees and work groups for housing

Connect with housing experts
Hold a local housing summit
Create and support a local housing task force and its recommendations
Involve schools, local employers, housing authorities, and development authorities in affordable housing challenges and solutions

Support local leaders through regional programs

Connect staff and elected leaders to local leadership programs for affordable housing

Lead and partner for affordable and equitable housing

Engage community members on affordable housing
Convene with local mission-driven developers and property owners to ensure development of affordable housing and aligned vision
Educate and advocate for housing equity

Preserve Affordable Supply

Inventory affordable housing stock

Inventory existing affordable housing in your community, both subsidized and unsubsidized
Set preservation targets

Connect property owners with resources

For subsidized properties, connect with property owner at least 5 years prior to expiration of affordability
For unsubsidized properties, identify funding streams within jurisdiction and in the metro area for preservation, including public and philanthropic

Create preservation programs and partnerships

Engage community members, HOAs, and property managers to develop preservation strategies
Allow small property owners to participate in home renovation
Create or partner with an existing land trust, land bank, or housing authority to develop acquisition strategies

Leverage funding resources for preservation

Housing Trust Fund loans or grants
Historic preservation tax credits
Community Development Block Grant (CDBG)
Community Development Institutions (CDFI)

Address blight

Develop and implement codes that address blight
Consider requirements for inspections
Explore existing or new home repair programs
Support efforts for non-profit and tenant purchase of property (TOP)

Promote Housing Stability

Identify and educate on housing instability

Educate staff, elected officials, and community on the indicators of housing instability in your area
Connect with school system and research McKinney Vento numbers to identify student housing need
Commission data on resident stability, housing, and homelessness

Establish housing stability policies and programs

Create, fund, and partner on new or existing home repair programs
Identify funds for emergency rental or ownership needs
Ensure homestead exemptions create stability for low-income seniors
Create property tax programs to assist with rising property taxes
Provide or partner for homebuyer education and funding assistance
Allow Accessory Dwelling Units and incentivize their construction
Encourage or require voucher acceptance for projects with public funding or tax abatements
Modify policies to ensure co-living is an option in your community

Connect to resources and establish partnerships

Establish partnership, shared goals with local housing authority
Increase QAP points for LIHTC projects in your jurisdiction
Connect homeowners and rental property owners with resources for historic tax credit projects, energy-saving programs, and education
Create and support a Land Trust to provide permanently affordable housing

Reduce evictions and homelessness

Form a committee or designate staff to address homelessness
Direct public land to permanent housing partners
Collaborate with schools, churches, and housing agencies
Establish communications with local Continuum of Care (COC)

Reduce Housing & Transportation Costs

Increase walkability

Identify developable land around transit stops, stations, employment centers, and trails
Connect new and existing neighborhoods with amenities, trails.
Modify policies as needed to allow smaller housing types, increased density, and innovative designs in developments near transit, trails, and employment
Plan and connect amenities to housing

Incentivize or mandate affordability near transit and jobs

Provide density bonuses for affordable housing
Consider incentives such as tax allocation districts and inclusionary zoning
Partner with employers for workforce housing development
Activate transit and employment centers with mixed-use, mixed-income development
Seek developer partners to apply for Low-Income Housing Tax Credits

Reduce costs of housing near transit and amenities

Modify policies to allow for reduced or eliminated parking requirements near transit, trails, and employment centers
Allow increased density for housing near transit or amenities
Lean into subsidies, including Low-Income Housing Tax Credits to ensure housing near transit is affordable
Partner with transit agencies, non-profit developers, and housing authorities to create a funding and development partnership strategy
Encourage, incentivize, and create policies for developments that reduce owner or tenant energy costs and reduce unit size
Identify Federal transportation grants to facilitate planning and implementation