His parents had separated, and his mother was struggling to make ends meet. She announced the family would move into the Fuggerei, the world's ol

At the world's oldest social housing, rent hasn't changed since 1521

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2021-08-31 11:30:06

His parents had separated, and his mother was struggling to make ends meet. She announced the family would move into the Fuggerei, the world's oldest social housing project, in Augsburg, Germany.

"I was like, 'People really live there? Are you sure?" recalled Guobadia, who is now 27 and remains one of the youngest residents of the complex. 

The Fuggerei is a landmark in the city not only because it resembles a medieval village, but also because the rent hasn't changed in 500 years. Residents pay about $1.30 — or 0.88 euros — per year for their apartments and commit to daily spiritual reflection.

Roughly 160 residents live in the Fuggerei, ranging from retirees with scant pensions to young adults priced out of an increasingly expensive city. Just an hour's drive from Munich, Augsburg is in demand with commuters trying to escape Germany's hottest rental market. 

"You can really build yourself in here," he said. "I'm getting my degrees, I'm getting job experience all because it's financially possible for me to focus on that."

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