24 Jun KB Advisory Group Examines Statesboro’s Housing Market
On June 15, 2021, KB Advisory Group presented the finding of our recent housing study to the Statesboro City Council in a work session. The discussion focused mainly on the relationship between household income and cost of housing, and the influence of college-age students, as reported in the Statesboro Herald.
During the presentation, KB Consultant Alex Seidenberg told the group that many households in the city pay substantial amounts of their income on housing costs. Three out of every five households in Statesboro are cost burdened or spend more than 30% of their household income on housing-related expenses.
The KB City-wide Housing Study for Statesboro examined the impact of Georgia Southern University on the overall housing market. As is typically the case in Georgia’s “college towns,” household incomes skew lower since student incomes from local low-wage part-time jobs are part of the statistics, but not the more significant resources of parents who live elsewhere. The prominence of student renters, particularly those from the Atlanta metro, where average incomes are much higher than those in Statesboro, also pulls the average rent in Statesboro up. KB Vice President Jonathan Gelber noted this is to the disadvantage of local families who rent.