How does affordable housing affect property values of existing homes?

[Capone1]

I live in a subdivision consisting of 69 homes that are from 2500 to 4000 square feet. The market value is from approximately $300,000 to $450,000.
There is a 10 acre parcel of land that is adjacent to the subdivision. The property is currently zoned R15 as is the subdivision. There is a proposal to rezone the parcel to multi-family low density that will allow up to 100 units to be built on the land. The existing zoning only allows 27 units to be built on the land. The proposal is to put low income senior public housing age 55 and older with a total of 92 units on the property. The existing neighbors are concerned about incompatability and regression and are not happy about the proposal.
Can you give me some insight on your thoughts about how this may affect the surrounding property values.

 

[hastalavista]

I think a lot depends on the location/site particulars.

If the existing tract is sufficiently buffered from the higher-density development, there may be no impact. When I say "buffered", I mean some distinct border between the two; a creek would work nicely.

If, however, the higher density blends/bleeds into the the current infrastructure of the existing tract, that may be a negative. If I have to drive by your house to get to 92 units, that is obviously going to increase traffic and noise.

I've tried to fight similar battles within my community. We've never won one yet. You'll probably have a hard sell trying to discourage senior housing. My advice is to focus on getting an adequate buffer in-place between the low-density SFRs and the higher-density senior housing.

Good luck.

 

[Lobo Fan]

Dennis has it pretty much correct. A lot has to do with how the new property appears and how it maintained. If it becomes a grafitti magnet and starts having daily drive by shootings and meth lab busts, then you have a real problem. If it becomes a well maintained and sedate development then it may not hurt that much. If it is multi story and takes away back yard privacy and blocks out the sun for half the day, then you have a problem. If there are privacy and noise walls and the construction stays at 2 stories then the impact may be small.

This is one of those how high is up questions. Such a development does not automatically mean an X% reduction in value. The devil is in the details.

 

[Terrel L. Shields]

another nail in the coffin. As long as the population increases the density has to increase. Sprawl...

Keeping the developments distinct will help the valuation problem and Denis has it pretty much spot on...

http://www.youtube.com/watch?v=Ab2DDmwYVQw

 

[Walter Kirk]

In my experience age restricted housing presents far less market resistance than does family housing

 

[berniek]

You probably will have more ambulance (sirens) traffic.

 

[PropertyEconomics]

The density of 10 units to the acre is not dense at all and given the way todays affordable housing projects are financed, it would be my guess this complex will be well done and nicely appointed. At that density, the units will most probably be all ground floor units so the thought of a view being blocked is most probably not a consideration at all.
Senior complexes, as a general rule, result in much less traffic, much less turn over of tenants, and far less issues with maintenance and degredation of the facilities themselves.

Frankly there is nothing to say that a lower income single family tract builder couldnt come into the area and build housing that is far substandard to that which is present now.

Between the two, and I only speak for myself, the senior complex would be far less objectionable and frankly most probably a great neighbor.