{"id":44118,"date":"2021-02-10T09:00:00","date_gmt":"2021-02-10T09:00:00","guid":{"rendered":"https:\/\/wordpress2.hdnweb.com\/2021\/02\/10\/introduction-of-low-income-housing-unlikely-to-affect-nearby-home-prices\/"},"modified":"2021-02-10T09:00:00","modified_gmt":"2021-02-10T09:00:00","slug":"introduction-of-low-income-housing-unlikely-to-affect-nearby-home-prices","status":"publish","type":"post","link":"https:\/\/wordpress2.hdnweb.com\/en\/2021\/02\/10\/introduction-of-low-income-housing-unlikely-to-affect-nearby-home-prices\/","title":{"rendered":"Introduction of Low-Income Housing Unlikely to Affect Nearby Home Prices"},"content":{"rendered":"<p><\/p>\n<style type=\"text\/css\"><![CDATA[\n\/* Style Definitions *\/\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n]]><\/style>\n<div class=\"xn-content\">\n<p><span class=\"xn-location\">SEATTLE<\/span>, <span class=\"xn-chron\">Feb. 10, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0(NASDAQ: RDFN) \u2014 Construction of low-income housing developments has had no consistent impact on the sale prices of nearby homes, according to a new <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3062070-1&amp;h=2652100806&amp;u=https%3A%2F%2Fwww.redfin.com%2Fnews%2Flow-income-developments-home-values%2F&amp;a=report\" rel=\"nofollow\">report<\/a><\/u> from Redfin (<u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3062070-1&amp;h=1360458344&amp;u=https%3A%2F%2Fwww.redfin.com%2F&amp;a=redfin.com\" rel=\"nofollow\">redfin.com<\/a><\/u>), the technology-powered real estate brokerage. This report includes an analysis of over 220,000 home sales in neighborhoods with low-income housing developments in 26 metro areas across the U.S. from 2007 through 2019.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n                        <a href=\"https:\/\/mma.prnewswire.com\/media\/624025\/Redfin_Logo.html\" target=\"_blank\" rel=\"nofollow\"><br \/>\n                    <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/624025\/Redfin_Logo.jpg\" title=\"Redfin Logo (PRNewsfoto\/Redfin)\" alt=\"Redfin Logo (PRNewsfoto\/Redfin)\"\/><\/a>\n                <\/p>\n<\/p><\/div>\n<p>In 18 of the 26 metro areas studied, no significant difference was detected in the prices of nearby homes sold before and after the construction of a low-income housing development, when compared with similar homes farther from the development but within the same neighborhood. In four of the eight metro areas where significant differences were detected\u2014Boston, <span class=\"xn-location\">Philadelphia<\/span>, <span class=\"xn-location\">Washington, D.C.<\/span> and Charlotte, NC\u2014homes near low-income housing developments sold for <i>more<\/i> after the development was constructed. In the remaining four metro areas\u2014Chicago, <span class=\"xn-location\">Las Vegas<\/span>, <span class=\"xn-location\">Phoenix<\/span> and Warren, MI\u2014homes sold for less after low-income housing developments were built nearby.<\/p>\n<p>&#8220;For children in low-income families, living in a neighborhood with less poverty can have a big impact on mental and physical health as well as long-term earnings throughout their life,&#8221; said Redfin senior economist <span class=\"xn-person\">Sheharyar Bokhari<\/span>. &#8220;But economically integrated neighborhoods\u2014those with low-income housing near homes for middle- and high-income households\u2014are so rare because development of low-income housing often faces strong opposition from neighbors who are concerned that the project will lower their home values. These perceptions have made socio-economic segregation even more pervasive throughout <span class=\"xn-location\">the United States<\/span>, further exacerbating social, racial and housing inequalities.&#8221;<\/p>\n<p><b><b>Expensive Neighborhoods in <span class=\"xn-location\">Boston<\/span> &amp; <span class=\"xn-location\">Washington, D.C.<\/span>, Saw Home-Price Gains After the Introduction of Low-Income Housing<\/b><\/b><\/p>\n<p>In general, the more expensive the homes in a neighborhood, the more likely it was that the addition of a low-income housing development resulted in an <i>increase<\/i> in home prices in the neighborhood. For example, in <span class=\"xn-location\">Washington, D.C.<\/span>, where the median price of homes sold near low-income housing developments in the study was <span class=\"xn-money\">$499,000<\/span>, homes near the development site sold for 6.3% less than those farther away before the low-income homes were created. After the low-income homes were built, homes nearby sold for 0.9% more than those farther away.<\/p>\n<p>&#8220;The data suggests that it can be a win-win to put low income housing in expensive neighborhoods, benefiting both current homeowners and low-income residents,&#8221; explained Bokhari. &#8220;Because these projects are being built by private developers, they often have an incentive to identify places that have good prospects for growth. On the flip side, they&#8217;re also less likely to plan projects in areas that are less desirable.&#8221;<\/p>\n<p>For homebuyers, economically integrated neighborhoods can be more desirable because they create a more self-contained community where the people who work in the community (teachers, service workers, etc) are able to live in the community.<\/p>\n<p>However, in a lower-priced area like <span class=\"xn-location\">Phoenix<\/span>, where the median home price near low-income housing was <span class=\"xn-money\">$149,000<\/span>, the price gap widened substantially. Before the introduction of the low-income housing development, homes near the site sold for 3.9% less than those farther away; after the low-income homes were built, nearby homes sold for 11% less than homes farther away.<\/p>\n<p>One possible explanation for the relative weakening of home prices near some new low-income housing developments may be that low-income housing was put in areas that were in the midst of gentrification and rapid price growth. Had a high-end development instead been built in place of the low-income housing, prices might have continued to grow even higher. There are still many unknown factors, but overall this study supports the idea that low-income housing does not degrade property values. <\/p>\n<p>The opposite trend was seen in <span class=\"xn-location\">Philadelphia<\/span>, where the median price of homes near low-income developments was just <span class=\"xn-money\">$174<\/span>,900\u2014below the national median price. Homes near the low-income housing site went from selling for 7.3% less than farther away homes before the low-income development was built, to selling for 3.9% more than homes farther away from the development after it was built.<\/p>\n<p>&#8220;Part of President <span class=\"xn-person\">Joe Biden&#8217;s<\/span> housing plan is to expand the Low-Income Housing Tax Credit,&#8221; said Bokhari. &#8220;If the Biden administration is successful in &#8216;dramatically increasing the number of new or rehabilitated affordable housing units,&#8217; it will be a big step in the right direction, and in most cases, homeowners near the new affordable housing communities can rest assured that their home values will be unaffected.&#8221;<\/p>\n<p>To view the full report, including charts and methodology, please visit: <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3062070-1&amp;h=14333287&amp;u=https%3A%2F%2Fwww.redfin.com%2Fnews%2Flow-income-developments-home-values%2F&amp;a=https%3A%2F%2Fwww.redfin.com%2Fnews%2Flow-income-developments-home-values%2F\" rel=\"nofollow\">https:\/\/www.redfin.com\/news\/low-income-developments-home-values\/<\/a><\/u> <\/p>\n<p><b>About Redfin <br \/><\/b>Redfin (<u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3062070-1&amp;h=81874708&amp;u=https%3A%2F%2Fwww.redfin.com%2F&amp;a=www.redfin.com\" rel=\"nofollow\">www.redfin.com<\/a><\/u>) is a technology-powered residential real estate company, redefining real estate in the consumer&#8217;s favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we are the #1 nationwide brokerage website, offering a host of online tools to consumers, including the <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3062070-1&amp;h=3842797867&amp;u=https%3A%2F%2Fwww.redfin.com%2Fredfin-estimate&amp;a=Redfin+Estimate\" rel=\"nofollow\">Redfin Estimate<\/a><\/u>. We represent people buying and selling homes in over 90 markets in <span class=\"xn-location\">the United States<\/span> and <span class=\"xn-location\">Canada<\/span>. Since our launch in 2006, we have saved our customers over <span class=\"xn-money\">$800 million<\/span> and we&#8217;ve helped them buy or sell more than 235,000 homes worth more than <span class=\"xn-money\">$115 billion<\/span>.<\/p>\n<p>For more information or to contact a local Redfin real estate agent, visit <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3062070-1&amp;h=81874708&amp;u=https%3A%2F%2Fwww.redfin.com%2F&amp;a=www.redfin.com\" rel=\"nofollow\">www.redfin.com<\/a><\/u>. To learn about housing market trends and download data, visit the <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3062070-1&amp;h=2289327484&amp;u=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fdata-center%2F&amp;a=Redfin+Data+Center\" rel=\"nofollow\">Redfin Data Center<\/a><\/u>. To be added to Redfin&#8217;s press release distribution list, email <u><a target=\"_blank\" href=\"mailto:press@redfin.com\" rel=\"nofollow\">press@redfin.com<\/a><\/u>. To view Redfin&#8217;s press center, <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3062070-1&amp;h=1700299595&amp;u=http%3A%2F%2Fpress.redfin.com%2Fphoenix.zhtml%3Fc%3D252734%26p%3Dirol-overview&amp;a=click+here\" rel=\"nofollow\">click here<\/a><\/u>.<\/p>\n<p>\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\">\n<\/div>\n<p id=\"PURL\"><img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=SF74068&amp;sd=2021-02-10\"\/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/introduction-of-low-income-housing-unlikely-to-affect-nearby-home-prices-301225478.html\">http:\/\/www.prnewswire.com\/news-releases\/introduction-of-low-income-housing-unlikely-to-affect-nearby-home-prices-301225478.html<\/a><\/p>\n<p>SOURCE  Redfin<\/p>\n<\/div>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=SF74068&amp;Transmission_Id=202102100900PR_NEWS_USPR_____SF74068&amp;DateId=20210210\" style=\"border:0px; width:1px; height:1px;\"\/> <\/p>","protected":false},"excerpt":{"rendered":"<div class=\"xn-content\">\n<p><span class=\"xn-location\">SEATTLE<\/span>, <span class=\"xn-chron\">Feb. 10, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0(NASDAQ: RDFN) \u2014 Construction of low-income housing developments has had no consistent impact on the sale prices of nearby homes, according to a new <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3062070-1&amp;h=2652100806&amp;u=https%3A%2F%2Fwww.redfin.com%2Fnews%2Flow-income-developments-home-values%2F&amp;a=report\" rel=\"nofollow noopener\">report<\/a><\/u> from Redfin (<u>&lt;a target=&quot;_blank&quot;&#8230;<\/p>\n","protected":false},"author":1,"featured_media":44119,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-44118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-geovanny-vicente"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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