“As Atlanta as a whole becomes more expensive, everyone—whether it’s investors, developers, or mere mortals looking to buy homes—is looking for comparative affordability,” says data analyst Daniel Krasner. “According to the Zillow Home Value Index, the rest of Atlanta has become more expensive than Collier Heights has at a faster rate. This comparative affordability might put pressure on Collier Heights or similar neighborhoods, especially as neighborhoods at a given price point disappear over time.”

Between 2014 and 2022, the share of Atlanta neighborhoods with homes under $300,000 dropped from 67 percent to just 37 percent. Simultaneously, those above $600,000 rose from 19 percent to nearly 33 percent. The median home value in Collier Heights remains lower than many parts of the city, but that distinction is shrinking.

The affordability crisis is compounded by stagnant incomes. Between 2010 and 2020, the City of Atlanta’s median income rose by over 42 percent. Collier Heights? Just 2 percent. Adjusted for inflation, the neighborhood’s median income actually declined by 14 percent.

During Canopy Atlanta listening session, a neighbor shared, “Even folks who’ve stayed here for years find it harder to save, invest, or pass on wealth.”

For Collier Heights, this trend puts a spotlight on its position as one of the few neighborhoods still offering relative affordability. But that visibility can be a double-edged sword—attracting interest from investors and buyers priced out of other areas, while potentially accelerating pressures that could price out long-time residents.

“We have become so hyper focused on greed and maximizing profit that we’ve forgotten the value of the experience of having a good neighbor,” says David Mitchell, executive director of the Atlanta Preservation Center.

Mitchell notes, good neighbors may not keep their houses as up-to-date, but they pick up your mail when you are out of town, check on your pets, come to a graduation, or bring flowers when a family member passes.

In neighborhoods like Collier Heights, the focus on profit has shifted the focus away from working to ensure people can stay in their neighborhoods if they want to, he says.

As more neighborhoods cross into higher price tiers, those like Collier Heights that remain accessible may bear the brunt of a shrinking middle—becoming targets for speculation, displacement, or transformation. It also doesn’t necessarily mean it’s still affordable for those who live there due to the volatility of the housing market in the last five years.

While the rise in owner-occupied homes signals positive growth, the affordability challenges faced by some residents remain a concern. The relative income of Collier Heights compared to the broader Atlanta metro area may pose barriers for some potential homeowners. From 2010 to 2020, the City of Atlanta’s median income increased by a net 42.1 percent while Collier Heights increased by only a net 2 percent.

Even before recent inflation, the cost of living was already rising—and that made small income gains feel smaller. When we adjust for inflation and put everything in today’s dollars, the numbers below tell a different story: Collier Heights’ median income actually went down by about 14 percent over the decade. The City of Atlanta still saw growth, but not as much—about 20 percent up when you account for the changing value of a dollar. Looking at it this way helps show what residents may already be feeling—that a paycheck doesn’t stretch as far as it used to.

Investors, meanwhile, are circling. Older homes, many with unique architectural features, present ripe opportunities. But renovations don’t always align with historic covenants. And in some cases, investors violate them outright.

The market for investment properties and second homes in Collier Heights presents a more complex picture. Investment activity in Collier Heights is more opportunistic, tied to the age and potential of specific properties rather than broad socioeconomic trends.

Older properties, particularly those with potential for renovation or redevelopment, are attracting investors looking to capitalize on the area’s historical charm and proximity to Atlanta’s urban core. This dynamic suggests that investment decisions are being driven by localized opportunities rather than broad, predictable market forces.

Residents are also frustrated by unequal enforcement of historic rules. “There are houses that really need remodeling, but some of us are told we can’t even add a porch, while new people don’t follow any rules,” one person said. Another shared their experience: “I painted my house and got a citation. They said there were signs, but no one would ever see them.”

Real estate agents have no incentive to tell homebuyers about historic covenants, so they usually don’t, Mitchell says. People are surprised to find out about the regulations after they buy a house and often try to skirt the rules.

“It also comes back to a component of respect,” he adds. “People look at neighborhoods…[to see] ‘Where can I get the greatest return with the smallest investment?'”

The rules themselves are strict. Brick homes can’t be painted. Original or historic chimneys and railings must remain. Even storm doors and awnings must conform to original mid-century designs. And yet, some investors flout these regulations, leaving new owners responsible for costly reversals.

“I’ve seen buyers forced to undo changes just to meet code,” a longtime homeowner said. “It’s not fair.”

These burdens fall hardest on the very people the historic designation aimed to protect. Maintaining an older home, especially one under preservation mandates, can be prohibitively expensive.

Yet there’s no city-funded assistance dedicated specifically for legacy homeowners in Collier Heights, such as exists in historic neighborhoods adjacent to the Beltline. No cushion against increasing taxes or renovation costs.

This localized investment, alongside the increasing appeal and affordability of West Atlanta, is also contributing to the emergence of more short-term rentals in the area, with Collier Heights notably having a higher concentration compared to its neighbors. Data from the city’s Short Term Rental Permit Tracker overlaid with the Atlanta Regional Commission neighborhood statistical unit boundaries reveals that Collier Heights has more short-term rentals than nearby far-west Atlanta neighborhoods.

The growing presence of short-term rentals in West Atlanta likely reflects investor assumptions that these neighborhoods offer profitable opportunities, especially as more central areas of the city become increasingly expensive and competitive. Collier Heights, for example, may be perceived as relatively affordable and “close enough” to attractions like the Beltline, MARTA, and ease of travel by the nearby interstate. As a result, it may be becoming a spillover zone for those looking to enter the market or capitalize on perceived location value, community history, and historic architecture.