Monday, December 21, 2015

Housing facts of life

Most of us don't understand the housing dynamic at work across the nation and how it drastically affects low-income Americans .  Here's a description of  part of the reality we face in urban areas:

"Nationwide, even as the rental market is growing across all income levels and homeownership has decreased for eight years running, new apartments are predominantly built for the rich. Only about 10 percent of rental apartments coming into the market are affordable to people who make less than $35,000 per year — that is, the group that encompasses half the total number of rental households. The Joint Center for Housing Studies of Harvard University reports that the median asking rent for a new unit in 2013 was a startling $1,300 a month. Meanwhile, the rate of both subsidized and “naturally occurring” affordable units is shrinking, because owners are either raising rents in strong markets or, in weak markets, they let the units deteriorate until they become unlivable."

Source here.

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