Over Half of Affordable Units Being Built in DC Are Located in Desirable Neighborhoods
With Washington DC being one of the most expensive cities to live in the US, it’s hard to find affordable housing in the area. Washington DC has stepped up in the real estate developing industry to create more economical housing units in desirable neighborhoods. This is tremendously positive news for Washington DC residents. A report issued by RentCafe, using data gathered by Yardi Firm, shows that 55% of the affordable housing units under construction in Washington DC area will be in what is described as “high opportunity neighborhoods,” or what we know as more luxurious neighborhoods. This is a major flip on the current circumstance in which 58% of economical housing units is now located in “low opportunity neighborhoods,” compared to cities like Atlanta, GA where economical housing units located in “low opportunity neighborhoods” are at around 55.09%.
Taking the conversation a step further, DC has stepped up its construction and availability of partially affordable housing. Just over a decade ago, DC’s partially affordable housing inventory sat at 13%. Today, that figure has grown to 28%. Coupled with the fact that much of these buildings are in areas that are accessible to schools, transportation, and jobs, which you can clearly see the benefits, especially for low-income families.
The significance of these units being built in quality areas is key. Not only does it ensure a large section of the population still has access to affordable rent, but the long term impact of having children grow up in a positive environment is definitely lasting and will help their quality of life. Compared to other cities in the U.S, DC ranks above the national average of 42% of economical homes being situated in high opportunity locations.