Masters in Urban Planning
I am really interested in learning more about affordable housing LIHTC and currently working with a developer that is trying to get into the space. Of course doing the deals teaches you more than anything that anyone can teach in a masters program. However I have had a particular interest in Masters in Urban Planning to mainly understand city planning and be able to educate community members on the importance of affordable housing to push back on NIMBYism and other community concerns and also pitch housing agencies well with understanding urban planning. Is a masters in urban planning worth it? I have a good background in development but affordable is a different ball game.
Based on the most helpful WSO content, pursuing a Masters in Urban Planning can indeed be beneficial for your specific goals in the affordable housing sector, especially if you're looking to deepen your understanding of city planning and community engagement. Here's how it aligns with your objectives:
Understanding City Planning: A Masters in Urban Planning will provide you with a comprehensive understanding of how cities are designed, developed, and managed. This knowledge is crucial when working on affordable housing projects, as you'll need to navigate zoning laws, land use policies, and urban design principles. This program will equip you with the theoretical and practical skills to effectively plan and execute projects that align with city regulations and goals.
Educating Community Members: One of the challenges in developing affordable housing is addressing community concerns and NIMBYism (Not In My Backyard). With a background in urban planning, you'll be better prepared to engage with community members, educate them on the benefits of affordable housing, and address their concerns more effectively. Your understanding of urban planning principles can help you articulate how well-designed affordable housing projects can enhance the community, rather than detract from it.
Pitching to Housing Agencies: When pitching affordable housing projects to housing agencies, a Masters in Urban Planning can give you an edge. Your knowledge of urban planning can help you create proposals that are not only financially viable but also align with the agencies' goals for sustainable and inclusive urban development. You'll be able to demonstrate a deeper understanding of how your projects fit into the broader urban ecosystem, making your pitches more compelling.
Specialization in Affordable Housing: Some urban planning programs offer specializations or electives in affordable housing, public-private partnerships, and community development. These courses can provide you with targeted knowledge and skills that are directly applicable to your work in affordable housing development.
While hands-on experience with a developer is invaluable, a Masters in Urban Planning can complement your practical skills with a solid theoretical foundation and a broader perspective on urban development. It can enhance your ability to lead projects that are not only financially successful but also socially and environmentally responsible. However, it's important to weigh the cost and time commitment of a graduate program against the benefits it will bring to your career in affordable housing development.
Sources: Thoughts on getting into real estate development with an urban planning degree?, https://www.wallstreetoasis.com/forum/real-estate/is-georgetown-masters-in-real-estate-for-me?customgpt=1, Grad School Cost: is it worth it?, Q&A: Master of Real Estate
I would say don't do it based on the limited information. What's your bachelor degree in? How many years of experience do you have in development? What are your long-term career goals?
A masters in urban planning is good for people that want to get a job in city's planning department or an urban design consulting company (both pay terribly). The ROI for a masters in urban planning is very low so it's hard to justify it unless money/opportunity cost is of no issue for you.
Here's an anecdote: I got my masters in real estate development + urban planning. The degree is an MRED degree but it also included urban planning coursework. My university also had a masters in urban planning, which we had quite a few classes with the MUP students. Long story short, there were no MUP students that got positions in development or anything related to it. The affordable housing developers exclusively hired from the MRED program. I even interviewed at a few and they never asked questions about my knowledge into LIHTC other than if I simply knew what LIHTC meant. They mentioned that learning all the rules & regulations would be on taught on the job as much of it is hard to learn by not doing deals (as you alluded to).
If you want to get a masters I would look into doing a MRED and elect to take a few affordable housing courses/urban planning courses rather than a MUP, but that's just my two cents.
This was my observation as well. Masters in Urban Planning programs are basically finishing schools for bureaucrats and political activists. If you're not a regular NPR listener and aficionado of progressive politics, you're going to feel like a fish out of water while wasting a lot of time and money.
+1 on this. I'm going to be much less nice than the last poster about it and say that I think the degree is full of non-technical, trust-fund, limousine liberals who have delusions of grandeur on master planning major developments without understanding any of the realities of design, construction, development, or finances.
It's like getting a non-technical architecture degree in my view. Professional graduate degrees are already full of bloat and imho this is another massive cash grab by universities and people who are scared of getting real jobs.
Take this with a whole heap of salt since I'm a developer with a technical background so I'm extremely biased on this.
+2 on this. A MSRE with a strong finance focus or practical development concentration with serve you infinitively better.
Fully agree. I'm currently enrolled in a planning masters and most classes are just a bunch of fun facts I could've read on r/fuckcars and the likes. Don't know if it's the same elsewhere but it's a bloated program with very few technical skills, if any. Good program if you want to work in the public sector or for non-profits, but that seems mind-numbingly boring to me.
Do not do this. You will not learn anything relevant about low income housing development in an urban planning program.
Go get a MBA or MRED instead.
I have an education background in planning and currently work in affordable housing . There are a lot of readily available resources on urban planning whereas the affordable space has a high knowledge barrier to entry and a lack of good learning materials. I would stay in your current job or find a job at an established affordable dev firm to learn about LIHTC, and explore planning in your free time (doing so would certainly be useful). Real world experience far outweighs the benefit of any type of masters in this situation IMO.
Similique repellendus optio doloribus repellat est voluptas. Dolore beatae quia est rerum sint quod. Voluptatem doloribus qui magnam minima quia corrupti repellat. Velit nisi labore maiores voluptatibus ea qui. Nobis exercitationem aut excepturi voluptatibus eos est. Officiis sint eveniet quae id magni. Exercitationem ipsa sit aliquam sit sed quod neque tempore.
In sunt eum dolorem corrupti sit explicabo. Molestiae facilis aperiam non harum cumque omnis quis aut. Enim excepturi at similique in veritatis autem et culpa.
Et aut dolor dolorem reprehenderit et ut quam illum. Est delectus culpa ipsam et. At exercitationem enim quis est voluptates doloribus.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...