Incoming low-income housing....

[kgokal]

Yesterday the whole community is starting to panic, b/c the vacant land 0.9mi away just got approved to build low-income housing....

ZOMG, what kind of impact can i expect to happen to our home values.... WE are barely 60% of orginal values after crash...

Should i start looking to sell?

 

[thestrangebrew1]

I haven't browsed all the articles in the link below, and it's from the National Association of Realtors, so take with a grain of salt, but there may be some good info in them:

http://www.realtor.org/field-guides/field-guide-to-effects-of-low-income-housing-on-property-values

GL

 

[cabri]

Unless the area is visible from your area, land that is a mile away should have no real direct impact.

Even if housing is approved; the type of housing built will be of a bigger concern than the income limits.

Single unit, multi unit, apartment cookie cutters, etc.
Density

All come into play.

By the time you are able to sell (doing what used to be call middle class flight), the plans will be known and the real estate market will have adjusted accordingly if there would be an impact considered.

But go ahead and dump a chunk of change into selling costs because you are paranoid :thumbsdown:

 

[kgokal]

wow, those articles are eye-opening... might just be knee-jerk reaction...

definitely helps..

 

[highland145]

The neighborhood I grew up in (lower middle income) went to crap but I don't know if it was because of the low income apartments that were built at the entrance or not. The original apt manager was awesome and didn't put up with any crap, had curfews, etc. As families moved out (onward and upward), the house values weren't there so many of the properties were sold to people that converted them to rentals. Section 8 was paying $700+ for a 3br/1ba where a regular rate would have been $500ish. Since Sec 8 is on time, all the time with the rent, it kind of snowballed.

Looking at the local crime data, there were 518 reported crimes over the last year with ~500 homes in the neighborhood.

 

[monkeydelmagico]

Looking at the local crime data, there were 518 reported crimes over the last year with ~500 homes in the neighborhood.

D:

OP is hosed. Take 10% off your home value every year until it's easier to just walk away.