Housing needs in high-priced and densely populated markets
I'm working on a project with a team of other Real Estate & Urban Economics college students and we need to learn more about the housing needs of renters who are working and living in (or commuting to) cities like Seattle, WA where the cost of living is very high and affordable housing solutions are scarce.
When the new work-force finishes college and starts working in a city like Seattle, they aren't likely to start an entry-level job earning the level of income necessary to comfortably afford an apartment. According to the U.S. Department of Housing and Urban Development, a low income in the city of Seattle is $74,785 (even though that wouldn't be considered low-income in most other places). So what type of housing opportunities do recent graduates and newer professionals look for? Do they just have several roommates? Commute 1+ hours to work from a less desirable location? They have to live somewhere, right?
If anyone on here has experience with this (whether as a tenant, investor, or real estate professional) and would be willing to share their experience, I'd appreciate some insight. Likewise, if you'd be willing to help out some college students with entrepreneurial aspirations and share your insights one-on-one, either I or a member of my team would be very interested in having a quick Zoom or phone interview with you (less than 5 mins of your valuable time).
Can you share an experience about the last time you looked for, invested in, developed, rented, etc. an affordable housing solution in a city similar to Seattle (e.g. San Francisco, New York, D.C.)?
What solutions did you find and how are those solutions working and/not working?
While I'm excited to start investing in real estate after graduation, the purpose of this post is to help my team and I understand more about the needs of our target market for a real estate project for college. It's hypothetical and we're only in the beginning phases of this real estate business plan project. Any insights and feedback are appreciated and if anyone is willing to discuss this one-on-one, please let me know because I'd love to learn more. Thank you!