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An apartment building under construction at 1701 Broad Street, adjacent to the Pilgrims Pride processing facility, is seen on Thursday, July 25, 2019, in Chattanooga, Tenn.

The Chattanooga area has seen a sharp increase in proposed and completed housing developments in the past two years.

78, according to Times Free Press reports.

With all the new projects taking shape, the increase in home prices has been outstripping wage and income gains, causing the region to become less affordable than in the past, according to a new study by the National Association of Realtors.

Rental rates have also been rising, yet prices remain cheaper than the U.S. average. One housing economist has pointed out that the area has seen more of a surge in housing units than jobs over the past 10 years, which could signal a potential oversupply in the market.

But more than 4 of every 10 renters in metropolitan Chattanooga — and 49.7% of all renters nationwide — still paid more than the recommended 30% of their income for housing in 2018, according to one recent study by Apartment List.

Meanwhile, nonprofit group Chattanooga in Action for Love, Equality and Benevolence, or CALEB, says the lack of affordable housing has hit an "egregious" state and they have won up to $25,000 in city funds to hire an entity to study a new solution.

The map below is a compilation of all the proposed and completed housing projects reported by the Times Free Press over the last two years.

Of the housing projects represented, 35 involve apartments and 19 include townhomes. Condominiums are tied in with 15 of the projects.

Click and scroll in this map to find more information about recent developments.

If you can't see the map, go to timesfreepress.com to view. 

 

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