New Challenges for the Housing Market in Greensboro

The affordable housing crisis is an issue affecting many cities in the United States. However, there are cities where the crisis is much more intense and generates more market instability, such as what is happening in the city of Greensboro, North Carolina.

To counteract this crisis, city officials and real estate market experts are designing business strategies aimed at addressing high rental prices and providing possible assistance to all those who do not have a place to live. All strategies are focused on stabilizing the city’s housing system.

Both rental prices and eviction rates in Greensboro have been increasing significantly in recent years, making it increasingly unaffordable to obtain housing and particularly affecting those residents who do not have a good monthly income.

According to American statistics, North Carolina, specifically in the southern area, has been one of the states most affected by the increase in evictions and rising rental prices. Specifically, Guilford County ranked among the top 5 places with the most eviction orders in the entire country, while Greensboro ranked first in the increase in rental contracts.

The Director of Housing and Neighborhood Development stated that among the most detrimental consequences these increases bring to the communities of Guilford and Greensboro is the constant growth of people and families who do not have affordable housing.

Faced with the increase in homelessness, the challenge now for the Greensboro administration is to find feasible solutions to this problem. One of them is to provide relief to a large part of those affected through projects and new property constructions. For example, since the housing plan was approved, the city has been developing more than 800 affordable homes in its territory.

Another measure the city is implementing is the subsidization of construction projects aimed at creating housing to help alleviate the shortage of affordable housing in Greensboro. The loans being granted by the city council are directed to local builders, whether for-profit or non-profit, who wish to develop multifamily housing projects.

Available foreclosures:

Greensboro: 150 homes available.

By Elias DaSilva | October 11, 2024.