Decline in Low-Income Households
Paying Too High Rent
The report finds an increase of one million affordable units but a decline in the affordable share of overall rental units, from 44.8% to 43.7%. It ascribes this trend to falling home ownership rates.
The report, Rental Market Dynamics, uses data from the American Housing Survey to examine changes from 2009 to 2011.
The Washington Post’s Wonkblog highlighted the report on May 4, 2015 writing, “The number of low-income people paying too much in rent has finally started to decline.”
However, “HUD (is) cautious that America still has an affordable housing problem — the number of worst case housing needs is still way higher than it was in 2003.”
But some of the factors that lead to number of households with “worst case housing needs” may be shifting.
“Foreclosures have started to clear, meaning fewer people are being thrown onto the rental market. Incomes on the lower end have recovered, as unemployment has dropped. More people are actually getting help with their rent, in the form of local or federal housing subsidies. And a hot apartment construction market has added enough supply to ease some of the competition.”
Click here to read the full report.
Click here for the Wonkblog post.