By Mary Close Oppenheimer
Are you worried if affordable housing could negatively impact your property values? It’s a common fear. Relax! Research shows that it is not the case. A Massachusetts Institute of Technology’s Center for Real Estate study found no significant differences between home values close to affordable developments and those in other parts of town. http://www.pschousing.org/files/HC-PropertyValues_0.pdf
The Enterprise Foundation reviewed and summarized 14 research publications, finding that subsidized, special-purpose or manufactured housing had either a positive effect or no negative effect on nearby property values.
https://www.enterprisecommunity.org/resources/affordable-housing-and-property-values-13525
Trulia, an online residential real estate site, conducted a study in 2016 indicating that low-income housing tax credit projects have no impact on the value of nearby properties. https://www.trulia.com/research/low-income-housing
Another fear concerns who will move in. According to Connecticut Real Estate Management, which manages many of the affordable housing units in the area, the residents who live at Sarum Village, for example, are nearly all from Salisbury, Sharon or Canaan. They’re your neighbors, friends, people who have a connection to the area or people who work in town. Bruce Adams, first selectman in the town of Kent, says that the tenants in their affordable housing “are good folks and have been nothing but a plus for the town. There have been no negative effects on property values in Kent.”
Change is always scary. Unfortunately, Salisbury has been changing whether we like it or not. Young people have been leaving and local businesses increasingly struggle to find and retain the employees they need. By embracing more affordable housing we can help reverse that trend and make our town more vibrant.
This article was published in The Lakeville Journal on 8/29/19.