Greensboro economic mobility study shows areas of improvements, hurdles in housing

A new economic opportunity study in Greensboro shows positive housing trends in certain areas, but declining homeownership rates across the city.

The report was put together by the Center for the Study of Economic Mobility. Founding Director Craig Richardson told city council last week that homeownership rates for Blacks, Asians and Hispanics are up in the city's reinvestment area. This covers parts of east Greensboro that the city has identified as needing private investment, better transportation and affordable housing.

Richardson said the number of households in these neighborhoods spending more than 30% of their income on rent or utilities has also gone down.

"Meaning incomes are coming up in this area, meaning they can afford more of their house," Richardson said. "So this is another sign of progress in this area; the cost burden share is going down."

But according to the study, living in Greensboro remains expensive for half of its residents. The overall homeownership rate has declined from 56% in 2009, to about 51% in 2021.

According to the study, homes that cost less than $100,000 are now less likely to be owned by lower-income households as many are purchased with cash and rented.