flexiblefullpage - default
Currently Reading

HQ2 and Housing Affordability

billboard - default

HQ2 and Housing Affordability

November 8, 2018
aerial view of New York City and Central Park
Photo: Unsplash/Barron Roth

Though Amazon has not officially announced the location of its second headquarters, HQ2, it is allegedly in talks to split it between two cities, Crystal City, a suburb of Arlington, Va., and Long Island City, a neighborhood of Queens, N.Y.

HQ2 will bring with it a reported 25,000 jobs with the highest average salary at $100,000, though the question lingers for both locations: where will the new employees live? In Seattle, home base to the flagship Amazon headquarters, “They created a big problem with a lack of affordable housing in Seattle," says KC Conway, chief economist at commercial real estate group CCIM Institute in Chicago, “And now they’re dragging it with them to the East Coast.” Jonathan Miller of real estate appraiser Miller Samuel in New York City tells Realtor.com that home prices are projected to increase between five and 10 percent in these cities if Amazon moves in.

Over the course of its two-decade existence, the online behemoth has utterly transformed this coastal city, creating a turbocharged economy and a go-go housing market to match. Seattle rebounded more quickly from the past recession than most other places. But home prices rose rapidly as more well-paid workers flocked to the area and many longtime residents were priced out. Median list prices shot up 12.1 percent just in the past year, to a median $550,050 in the Seattle metro area as of Oct. 1, according to the most recent realtor.com data available. That's much higher price growth than the 7.3 percent rise nationally.

Read more

leaderboard2 - default

Related Stories

Build to Rent

Build-to-Rent Is Booming, Particularly in These Metros

A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development


Which Green Building Practices Are Home Builders Using Most?

A recent report reveals which green-building practices are most popular among single-family home builders and remodelers

Market Data + Trends

Single-Family Permits Show Increase in February

Year-to-date ending in February, single-family permits were up in all four regions of the U.S.

boombox1 -
native1 - default
halfpage2 -

More in Category

Delaware-based Schell Brothers, our 2023 Builder of the Year, brings a refreshing approach to delivering homes and measuring success with an overriding mission of happiness

NAHB Chairman's Message: In a challenging business environment for home builders, and with higher housing costs for families, the National Association of Home Builders is working to help home builders better meet the nation's housing needs

Sure there are challenges, but overall, Pro Builder's annual Housing Forecast Survey finds home builders are optimistic about the coming year

native2 - default
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.