Half of all renter households—22.4 million in total—spent more than 30 percent of their income on housing and utilities at last measure in 2022, up 2 million since 2019 and the highest number on record, according to a new report by the Joint Center for Housing Studies of Harvard University. Likewise, the number of severely cost-burdened renter households—those spending more than half of household income on housing and utilities—also hit a new high of 12.1 million in 2022, up 1.5 million from pre-pandemic levels. Homeowners are also increasingly burdened, say the authors of the “State of the Nation’s Housing 2024” at: https://lnkd.in/gsFdVP69
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Startling statistics in this report - can real estate developers (and landlords) create wealth and good returns for investors while also creating safe, clean, affordable housing WITHOUT government subsidies, rules, and oversight like Peter Bailey did...without becoming Mr. Potter? ...working on it... https://lnkd.in/ejAU2Rev
Half of all renter households—22.4 million in total—spent more than 30 percent of their income on housing and utilities at last measure in 2022, up 2 million since 2019 and the highest number on record, according to a new report by the Joint Center for Housing Studies of Harvard University. Likewise, the number of severely cost-burdened renter households—those spending more than half of household income on housing and utilities—also hit a new high of 12.1 million in 2022, up 1.5 million from pre-pandemic levels. Homeowners are also increasingly burdened, say the authors of the “State of the Nation’s Housing 2024” at: https://lnkd.in/gsFdVP69
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“This year’s Gap finds that the lowest-income renters in the U.S. face a shortage of 7.3 million affordable and available rental homes. As a result, nearly three-quarters of renters with extremely low incomes are severely cost-burdened, spending more than half of their income on rent and accounting for nearly 70% of all severely cost-burdened renters in the U.S.” #TheGap2024 #affordablehousing Great job as always by the National Low Income Housing Coalition laying at the nuances of the affordable housing crisis in America!
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Climbing rents have propelled cost burdens to staggering new heights: in 2022, half of all US renters were cost burdened. The number of renter households spending more than 30 percent of their income on rent and utilities rose by 2 million in just three years to a record high of 22.4 million, according to America’s Rental Housing 2024, a new report being released January 25 by the Harvard Joint Center for Housing Studies. Among these renters, 12.1 million had severe burdens, paying over half of their income for housing, also an all-time high: https://ow.ly/glgt50QyQE5
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Will the housing market correct or will household income adjust? There has never been a worse time to buy a home in the US: The annual income needed to buy a median-value home in the US is now ~$115,000. By comparison, the median household income is ~$75,000, a whopping $40,000 less than required. The gap between income needed to buy a home and annual income has never been larger. Even during the housing boom before the 2008 Financial Crisis, the gap was ~$15,000. On the other hand, the best period to buy a house was 2012-2013 when the median income exceeded the required salary by the most over the last 20 years. Housing affordability is terrible.
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This annual report is a difficult but necessary reminder that housing policy has not been tended to effectively at the state and local level. To reiterate what the report tells us: There are only 37 affordable and available rental homes per 100 extremely low income renter households in Michigan. WE STILL HAVE MUCH WORK TO DO.
The National Low Income Housing Coalition released its annual report, The Gap: A Shortage of Affordable Homes. This report measures the availability of rental housing affordable to extremely low-income households and other income groups. One significant finding in the report: there are only 37 affordable and available rental homes per 100 extremely low income renter households in Michigan. Check out more data for Michigan and other states at nlihc.org/gap ID: Image is a map of the U.S. where states are shaded in different colors of yellow, orange, and red to indicate the gap in affordable housing and those with the lowest household incomes.
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Yes! The 30% gross income ratio is antiquated. As housing professionals, we have to care not only about about housing expenses, but also non-housing expenses (credit and non-credit liabilities) and how they factors into families’ NET income.
This study explores a new approach to calculating housing affordability that considers nonhousing expenses. Under this measure, 19.2M households are cost burdened, compared with 14.8M under the standard ratio measure.
Most Renter Households Lack Enough Income to Cover All Living Expenses
housingmatters.urban.org
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Powerful report from Housing Matters (Urban Institute) that highlights the critical need for affordable housing and the low pay that teachers receive, even though their job literally lays the foundation for our future as they teach the next generations who will lead our world. Teachers are professionals who should be able to afford not only quality affordable housing, but also quality affordable homeownership which will give them the opportunity to acquire assets and build intergenerational wealth for their families. Let's work together to improve both issues - fund improved pay scales for teachers and fund more quality affordable housing stock.
This study explores a new approach to calculating housing affordability that considers nonhousing expenses. Under this measure, 19.2M households are cost burdened, compared with 14.8M under the standard ratio measure.
Most Renter Households Lack Enough Income to Cover All Living Expenses
housingmatters.urban.org
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This study explores a new approach to calculating housing affordability that considers nonhousing expenses. Under this measure, 19.2M households are cost burdened, compared with 14.8M under the standard ratio measure.
Most Renter Households Lack Enough Income to Cover All Living Expenses
housingmatters.urban.org
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JCHS Annual Housing Report drops this month. Opportunities abound for those willing to look and help address the growing demand for attainable and affordable housing. "Climbing rents in recent years propelled US cost burdens to staggering new heights: in 2022, half of all US renters were cost burdened. This all-time high of 22.4 million renter households spent more than 30 percent of their income on rent and utilities and was an increase of 2 million households in just three years. Among those renters, 12.1 million had severe cost burdens, paying over half of their income for housing, also an all-time high. Additionally, the aging rental stock requires significant investment to address structural inadequacies, inaccessibility, and climate risks." #affordablehousing #workforcehousing #economicdevelopment
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No US State Has Enough Affordable Housing for Low-Income Renters – But These 11 States Are the Worst Even people who have a decent income may struggle paying rent. The affordability crisis is only worsening. High demand (due partly to the financial inability to buy a home), inventory shortage and a lack of new residential construction are major factors in the soaring costs of living. One proven solution to lessen the financial burden of renting is affordable housing, which the U.S. Department of Housing and Urban Development defines as housing for which the occupant is paying no more than 30% of their gross income for housing costs, including utilities. But affordable housing is hugely underfunded, meaning there’s not nearly enough to go around. This is a nationwide problem, but some states are particularly short on affordable housing. Let’s look at the worst states for low-income renters in need of affordable housing, according to research from the National Low Income Housing Coalition:
No US State Has Enough Affordable Housing for Low-Income Renters – But These 11 States Are the Worst
msn.com
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