In 2021, the Federal Reserve declared that none of the 13 counties that make up the metro Atlanta area qualified as affordable housing markets. In these areas, monthly housing costs often consume more than 40% of homeowners’ incomes, exceeding the 30% threshold that the Federal Reserve uses to measure market affordability. This lack of affordable housing has had significant consequences for residents of the metro Atlanta area, as many are unable to afford the cost of housing and are struggling to make ends meet. The Federal Reserve’s declaration highlights the need for solutions to address the affordable housing crisis in metro Atlanta and other areas of the country.

Over the past decade, the median price for housing in Atlanta has doubled, making it one of the most over inflated housing markets in the US according to one study. The suburbs of Atlanta, which are among the fastest-growing regions in the country, have experienced a 43% increase in median home prices just since 2020. However, median income in these areas only grew by 1.7% during that same time period. This significant gap between rising housing costs and stagnant income growth has made it difficult for many residents of Atlanta and its suburbs to afford housing, leading to a housing affordability crisis in the region.

Gentrification and accelerating housing prices have been an issue in many cities across the country, especially since the foreclosure crisis. As of November 2022, the average apartment rent in Atlanta, GA is $1,061 for a studio, $1,427 for one bedroom, $1,455 for two bedrooms, and $1,604 for three bedrooms. Apartment rent in Atlanta has increased by 11.3% in the past year. 

Newly elected Mayor Andre Dickens has announced plans to build or retain 20,000 affordable housing units over the next eight years, and the City Council promised to contribute $15 million to the community affordable housing trust fund.The number of tenants in Atlanta who are “extremely cost burdened,” or spending at least 50% of their income on rent, is approximately 28,000. This number increases to approximately 148,000 in the 11-county region.

In an effort to address this issue, ARVRtise has created 7 Affordable Homes ATL NFTs, with 4,000 copies each, totaling 28,000 NFTs. Each NFT costs 2 ETH ($2,379.54 USD).

“Our goal is to use this NFT collection to create a worldwide affordable housing solution blueprint. Traditionally, investors only had one option to capitalize on the housing scarcity crisis. ARVRtise is donating 100% of the proceeds from this collection to hiring a staff to filter through NFT grant applications, provide Web3 education, and ARVRtising properties offering affordable homes as a solution. We will ARVRtise each company that donates to our affordable housing solution. Our mission is to demonstrate how Web3 can expedite the traditional, lengthy process of distributing rental relief by removing unnecessary middlemen.” – Hahz Terry

 

While many companies create PR around their efforts to give back to the community, ARVRtise creates metaverse PR for businesses that invest in our Web3 housing solution. Everything in Web3 is recorded on a public ledger, and this transparency allows the public to see which landlords truly have a heart.