Do you know your stuff? Voters from across Georgia have told us that the housing crisis, in addition to the economy, health care, crime and immigration are among the topics most important to them this election season.
Credit: Mike Luckovich
Credit: Mike Luckovich
I’m Matt Reynolds and I cover housing for the AJC. In Atlanta and Georgia, the high cost of buying a home or renting an apartment is on people’s minds, especially as we near this year’s election. For the first time in decades, homeownership is out of reach for many Americans, with some juggling priorities just to make rent or sacrificing basic needs like groceries. Many might be wondering if the situation will improve. But whatever happens in November, lawmakers and policymakers will have to address the housing crisis in the city, state and nation.
I want to help you understand the complex issues around housing. This includes reporting on what can be done to address the housing shortage, change local and state laws curbing development, and bridge the gap so more families have a chance to get into their first home.
Ask your questions below. We will answer your top submitted questions ahead of the election. Let us help you know your stuff.
To give you a head start, here’s what you should know.
Fact 1:
Half of all renters now spend more than 30% of their income on rent and utilities meaning those households are “cost burdened.” In Atlanta, the median rent for a one-bedroom is $1,650 a month, and the price of rent in the city has outpaced wage growth.
Fact 2:
A recent Georgia MLS report suggests the Atlanta housing market is cooling. However, the median house price in the metro area is still $415,000. To put that in perspective, with an interest rate of 7%, principal and interest would be about $2,200 a month with a 20% downpayment, or $83,000 down. That’s without factoring in home repairs, property taxes and home insurance.
Fact 3:
Millions of new homes must be built to meet demand. With that in mind, some politicians have proposed constructing between 2 million and 3 million units in the US. By some estimates, however, between 4 and 7 million homes are needed.
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