Gentrification of Atlanta

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Gentrification of Atlanta's inner-city neighborhoods began in the 1970s, and it has continued, at varying levels of intensity, into the present. Many factors have contributed to the city's gentrification. A major increase in gentrification that occurred in the last years of the 20th century has been attributed to the 1996 Summer Olympics. However, during the 2000s, Atlanta underwent a profound transformation demographically, physically, and culturally. Suburbanization, rising prices, a booming economy, and new migrants decreased the city's black percentage from a high of 67% in 1990 to 54% in 2010.^[1][2] From 2000 to 2010, Atlanta gained 22,763 white residents, 5,142 Asian residents, and 3,095 Hispanic residents, while the city's black population decreased by 31,678.^[3][4] Much of the city's demographic change during the decade was driven by young, college-educated professionals: from 2000 to 2009, the three-mile radius surrounding Downtown Atlanta gained 9,722 residents aged 25 to 34 holding at least a four-year degree, an increase of 61%.^[5][6] Between the mid-1990s and 2010, stimulated by funding from the HOPE VI program, Atlanta demolished nearly all of its public housing, a total of 17,000 units and about 10% of all housing units in the city.^[7][8][9] In 2005, the $2.8 billion BeltLine project was adopted, with the stated goals of converting a disused 22-mile freight railroad loop that surrounds the central city into an art-filled multi-use trail and increasing the city's park space by 40%.^[10] Lastly, Atlanta's cultural offerings expanded during the 2000s: the High Museum of Art doubled in size; the Alliance Theatre won a Tony Award; and numerous art galleries were established on the once-industrial Westside.^[11]

Atlanta is also experiencing the national trend of young people moving back into cities. Metro Atlanta is also one of the fastest-growing areas in the country in terms of both population and job growth and expected to grow by another 3 million between now and 2040. That makes intown areas attractive for those working intown, and much land is still available in some neighborhoods.^[12][13] In 2019, Atlanta was named the fourth fastest gentrifying city in the United States.^[14]

Since 2010, corporate investors have served as a major catalyst for gentrification in Atlanta. Atlanta has one of the most appealing real estate markets in the nation which attracts corporate investors from around the world.^[15][16][17] Over 40% of single-family homes in the Atlanta area were bought by corporate investors in third quarter 2021. Atlanta's mayor, Andre Dickens, proposed regulations in an attempt to limit the number of homes corporate investors can buy because their buying power could put the average resident at a disadvantage in negotiating to own property. Also Mayor Dickens committed to adding and maintaining at least 20,000 affordable housing units by 2026.^[18][19][20]

In 2022, Atlanta metro area homes were declared unaffordable for the average buyer by the Federal Reserve Bank. The 2022 median home price in the Atlanta metro area was $350,000 and the median resident annual household income was $73,000 which means becoming a home owner may be challenging for a large percentage of the population. Since the revitalization boom, African-Americans have been the fastest declining demographic within Atlanta's city limits but the fastest growing in most of Atlanta's surrounding suburbs.^[21][22] Decent standard home selling for under $250,000 inside the Perimeter were in abundance in 2012 but has become a less common occurrence as of 2022.^[23][24][25] The average monthly rent for a one-bedroom apartment in Atlanta went up from $799 in 2012 to $1,710 in 2022 which resulted in some renters leaving the city seeking a more affordable cost of living.^[26] And despite efforts by majority of the Atlanta City Council in 2022, Atlanta landlords are not required to accept Section 8 housing vouchers due to overruling state laws that protect the right of choice for landlords.^[27] Gentrification, the housing shortage, and inflation will likely continue to gradually increase housing costs and change demographics of the city, especially in neighborhoods in close proximity to downtown or the BeltLine. In 2022, Atlanta ranked only behind Phoenix for the highest inflation rate in the nation.^[28]