Affordable rental housing is scarce in the US, especially among low income people, finds a new report by the Bipartisan Policy Center. As "the housing demand of Baby Boomers and their children starts to converge," the problem will only get worse.
The Bipartisan Policy Center has released a report on how to fend off the growing housing crisis in the United States. The report provides details about the availability of rental housing by income bracket, reports Emily Badger.
According to the Census Bureau, 35 percent of American households are renters, and that percentage is going to increase as the economy gets back on track and the population ages. Among extremely low-income people (those making less than $10,000 a year), only 35 percent have access to affordable rental housing. "Now, as rents continue to rise faster than incomes throughout the economy," adds Badger, "it will be as important for cities to focus on housing these residents as those professionals for whom 'affordability' means something quite different."
Although affordable rental housing becomes more readily available for higher incomes, according to a Cities report from last year, renting is more expensive than home ownership in the majority of America's 100 biggest cities.
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City of Albany
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research