Presentation by ZIMMERMAN/VOLK ASSOCIATES, INC. on the potential housing market for the target areas of Boone Corridor/Mims Park, English Avenue, Vine City, Atlanta University Center, Ashview Heights/Washington Park and Castleberry Hill. It outlines what areas are being studied, gives a migration analysis (people moving in and out of the area, as well as other Atlanta's neighborhoods and counties). Using this methodology, the presentation looks at the annual market potential.
3. Understanding:
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The legacy and history of the Westside neighborhoods.
The housing preferences and economic capabilities of the people
who live here and the people who might move here.
New housing that would help to diversify the housing stock.
Each neighborhood is unique, but there are common issues.
8. How many are likely to move to the Study Area?
Who are the potential renters and buyers?
What are their housing preferences?
What kind of housing is currently available?
How much can the market afford?
How fast will they rent or buy the new units?
Where will the potential market be moving from?
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9. Population: 19,175
Households: 6,020
1 & 2-Person Households: 75%
Median Household Income: $28,300
Households Below $25,000: 46%
Median Housing Value: $116,500
Owners/Renters: 26/74%
Study Area Overview 2016
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10. Study Area Households
by Lifestage
Traditional and Non-Traditional Families: 52%
Empty Nesters and Retirees: 25%
Younger Singles and Couples: 23%
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11. Where will residents of new units
in the Study Area be moving from?
The Westside Study Area: 24%
Balance of Atlanta/Fulton County: 30%
Regional Draw Area: 19%
Balance of the U.S.: 27%
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12. How many households
represent the market
for new mixed-income housing
in the Study Area?
4,135 households per year
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13. Zimmerman/Volk Associates, Inc.
Younger Singles & Couples 64%
Traditional &
Non-Traditional Families 30%
Empty Nesters & Retirees 6%
Who are the potential
renters and buyers?
14. What kind of housing
is currently available?
General rents and prices
in the market area.
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15. General Rent Ranges
$450 to $3,000 per month
575 sf (1br) to 2,400 sf (3br)
($0.79 to $2.62 psf)
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MAGNOLIA PARK
THE POINT AT WESTSIDE
THE RESIDENCES AT CITY CENTER
16. General Price Ranges: Resales
$18,000 to $300,000
730 sf (1br) to 2,304 sf (5br)
($11 to $180 psf)
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THE WASHINGTON
$90,000
$70,000
17. Do they want to rent or own,
and what type of housing?
Rental Lofts/Apartments: 63.8%
For-Sale Condominiums: 12.5%
For-Sale Townhouses: 11.5%
For-Sale Urban Houses: 12.2%
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18. Atlanta MSA
area median family income (AMI)
for a family of four
$67,500
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20. Monthly Rents
Based on AMI Breakdown
Household 30% 80%
One-person $355 $945
Two-person $405 $1,080
Three-person $504 $1,215
Four-person $606 $1,350
Five-person $711 $1,460
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21. Zimmerman/Volk Associates, Inc.
944 Annual Potential Renter Households
What are their income ranges?
28%
18%
17%
14%
23%
Above 110% AMI
80 to 110% AMI
60 to 80% AMI
30 to 60% AMI
Below 30% AMI
22. Zimmerman/Volk Associates, Inc.
525 Annual Potential Condominium Buyers
What are their income ranges?
41%
17%
17%
14%
11%
Above 120% AMI
80 to 120% AMI
60 to 80% AMI
30 to 60% AMI
Below 30% AMI
23. Zimmerman/Volk Associates, Inc.
485 Annual Potential Townhouse Buyers
What are their income ranges?
30%
19%
17%
15%
19%
Above 120% AMI
80 to 120% AMI
60 to 80% AMI
30 to 60% AMI
Below 30% AMI
24. Zimmerman/Volk Associates, Inc.
510 Annual Potential Urban House Buyers
What are their income ranges?
39%
12%
17%
8%
24%
Above 120% AMI
80 to 120% AMI
60 to 80% AMI
30 to 60% AMI
Below 30% AMI
25. How fast will the target households
rent or buy new mixed-income housing
in the Westside Study Area?
Rental Units:
15 percent capture rate
For-Sale Units:
8.5 percent capture rate
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26. Annual Capture of Market Potential:
530 Mixed-Income Units per Year
Over the Next Five Years
Rental Apartments: 401 units
For-Sale Condominiums: 45 units
For-Sale Townhouses: 41 units
For-Sale Urban Houses: 43 units
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27. Annual Market Capture:
401 Mixed-Income Rental Units
Market-Rate: 182 units
Affordable/Workforce: 128 units
Low-Income/Public Housing: 91 units
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28. Annual Market Capture:
45 Mixed-Income Condominium Units
Market-Rate: 24 units
Affordable/Workforce: 21 units
ZIMMERMAN/VOLK ASSOCIATES, INC.
29. Annual Market Capture:
41 Mixed-Income Townhouse Units
Market-Rate: 19 units
Affordable/Workforce: 22 units
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30. Annual Market Capture:
43 Mixed-Income Detached Houses
Market-Rate: 25 units
Affordable/Workforce: 18 units
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37. Couple Nº 4
Single income,
single mom.
Renters.
Live in city.
Goal: Buy a
townhouse near the
city.
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38. Couple Nº 5
Single income,
older sibling/
younger sibling.
Owners.
Live in city.
Goal: Buy a house
in the suburbs.
ZIMMERMAN/VOLK ASSOCIATES, INC.
39. Couple Nº 6
Trust fund income,
he’s an actor;
she’s a painter.
Renters.
Live in city
Goal: Open their own
artisanal store.
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