The State of the Nation’s Housing 2013
One of the main contributors to homelessness is a lack of affordable housing. That said, the Joint Center for Housing Studies of Harvard University’s State of the Nation’s Housing report is always of interest to Coalition for the Homeless of Central Florida. This annual study provides an assessment of the nation’s housing outlook and summarizes important trends in the economics and demographics of housing.
While the research focuses on all aspects of the housing market, we pay special attention to the Housing Challenges section. Here are some shocking statistics from this year’s report:
- 42.3 million households pay more than 30 percent of income for housing (moderate cost burdened).
- A record 20.6 million households pay more than half of income for housing (severe cost burdened).
- After paying more than half of their income for housing, the average severely burdened low-income family with children has only about $565 left for savings and all other monthly expenses.
- In 2011, there were 12.1 million extremely low-income renters and just 6.8 million units with rents they could afford at 30 percent of income, bringing the shortage to 5.3 million units.
- Of the 6.8 million units that would be affordable to extremely low income renters, more than a third were occupied by households with higher incomes.
- In addition, 560,000 of the affordable units where extremely low-income households reside are structurally inadequate.
- Over the decade from 2001 to 2011, households earning less than $15,000 accounted for 40 percent of overall household growth, and households earning $15,000–29,999 contributed another 34 percent.
“Four years after the official end of the Great Recession, housing markets across the country finally showed signs of a true revival in 2012. However, the economic recovery has done nothing to curb the persistent rise in both the number and share of cost-burdened households,” the report states. Significant housing challenges remain.
Check out the full report and let us know what you think…