Vacant Houses Costing Communities

April 4, 2011  |  

(AJC) — Zuspan’s suburban neighborhood is one of more than 300 throughout metro Atlanta in which the concentration of vacant housing exceeds 10 percent — a level that raises red flags among those who study neighborhood dynamics.  According to a rough but commonly accepted benchmark, in a healthy neighborhood, no more than 5 percent or 6 percent of properties will be vacant at any given time. Vacancies of 8 percent to 10 percent are cause for concern. Anything higher can send a community into a downward spiral of falling home prices, neglect, abandonment, rising crime, health problems and yet more vacancies.  “Vacant properties, especially above some minimum number, are devastating for a neighborhood,” said Alan Mallach, a nonresident senior fellow at the Brookings Institution, a nonpartisan research institute. Those like Zuspan who remain, he said, are likely to suffer “an enormous loss of value, an enormous loss of wealth.”

Read More…


Trending on MadameNoire

Comment Disclaimer: Comments that contain profane or derogatory language, video links or exceed 200 words will require approval by a moderator before appearing in the comment section. XOXO-MN