Sacramento is blazing through new projects and developments as it becomes a region on the rise.
According to the Greater Sacramento Economic Council, $3.2 billion has been invested in Sacramento urban projects. The group put together an infographic of 31 new developments and added up the costs.
The graphic lists the projects beginning with the most expensive, Sutter Medical Center, which cost $812 million, to the least expensive, the new $1 million Midtown dog park.
Amongst other finished projects listed is, of course, the Golden 1 Center, as well as The Barn and the Sacramento Downtown Commons Tower.
The list also includes nine new housing buildings now available in the Midtown/Downtown area, five being affordable housing projects.
Affordable housing rent is based on income and provides below-market rates for people on low income, seniors, and people who are disabled. Affordable housing makes it so that families don't have to spend more than 30 percent of their income on housing priced at market rate. A person working full-time on minimum wage can't afford a two-bedroom home anywhere in the U.S., according to the U.S. Department of Housing and Urban Development (HUD).
Affordable housing is different from Fair Market Rent (FMR) which are units that cannot be rented unless tenants have a government voucher, such as for Section 8 housing.
The new urban developments also include two affordable housing buildings for people over the age of 50, Sierra Vista Apartments and Sutterview Apartments.
In total, $251 million of the $3.2 billion was spent on new housing developments. Of that, $110 million was used to build affordable housing, just over three percent of the total recent urban investments in Sacramento.
Sacramento is experiencing some of the fastest growing rent in the nation. The rising rent is worrisome to locals who are being priced out of the area due to rising rent and lack of affordable housing.
The city isn't building enough new units as an influx of people flood into the area from other metro regions, such as the Bay Area, in search of a more affordable lifestyle. This is one of the major reasons why Sacramento is seeing a spike in rent prices. Unfortunately, rent in Sacramento is only expected to keep rising over the next 10 years making the need for affordable housing even greater.