Monday, June 22, 2015
For Every 100 Low Income Families, Only About 28 Have Access to Affordable Housing
Across America, affordable housing options for low-income families are failing. The latest information from Urban Institute, a Washington D.C.-based created by President Lyndon Johnson in 1968 to research and find solutions to housing and other urban issues in America, not one county in the U.S. can serve 100 percent of its needs for safe and affordable housing for low-income populations.
Not enough housing available
According to the latest report from Urban Institute, affordable housing only takes care of about 28 percent of it's low-income family housing needs. That means for every 100 low-income families who need affordable housing assistance, only 28 are able to get it. Not even a third of our nation's low-income individuals and families are being helped.
What is the problem?
The number of people who qualify for low-income housing is growing, but the number of available homes is not. Affordable housing is simply not keeping up with the growing demand for housing for low-income renters. For example, between 2000 and 2013, qualifying low-income households increased 38 percent, but available housing for them increased by only 7 percent over the same time period.
Stretched to the limit
The U.S. Department of Housing and Urban Development recommends that Americans spend about 30 percent of their income on housing. Due to rising rents and depleting low-income available housing, today's low-income American household is spending more like 50 percent of their income on housing, or they are being forced to move to far less safe and adequate housing. Other more disturbing choices include taking money away from food and health expenses just to have enough money to pay the rent.
To read more, visit www.fortune.com/2015/06/19/affordable-housing/