Gentrification is certainly a pressing topic in Wake County these days. We like seeing investment in neighborhoods that have lacked investment for decades, but left uncontrolled, the market can quickly price out residents that have called the neighborhood home all their lives.
Habitat Wake just completed a home east of downtown Raleigh and the market rate appraisal was $278,000. Fortunately, our model calls for us to sell homes at no profit, so we subsidize the purchase price well below that market appraisal. And equally fortunate that the City of Raleigh had the foresight to acquire lots east of downtown so that the entire neighborhood would not go “off the charts” in escalating prices. Nonetheless, it is a major issue in our community and many people are feeling unwanted as they can no longer continue to afford rent in their neighborhoods.
Here’s a thoughtful article on the unique angle that Christian theology has on the topic: