Map Shows Cities Where Closing Affordable Housing Gap Will Take Centuries
Summary
A study shows that in 38 of the 51 largest U.S. metropolitan areas, the affordable housing shortage would take over 100 years to fix if homes keep being built at the current rate. Many renters spend too much of their income on rent, and the supply of affordable homes is too low, especially for very low-income households.Key Facts
- Over 22.4 million renter households in the U.S. spend more than 30% of their income on housing.
- In many cities, new affordable housing is being built too slowly to solve the problem within this century.
- St. Louis would take nearly 1,000 years to close its affordable housing gap at today's building pace.
- New York City’s affordable housing gap would take about 169 years to close, shorter than St. Louis but still very long.
- Only 13 metro areas could close their affordable housing gaps in less than 100 years at the current construction rates.
- Market-rate housing lowers average rents but does not meet the needs of extremely low-income renters who need subsidies.
- Solutions to the affordable housing crisis need multiple, specialized approaches.
- Some cities like New York and Dallas have recently built more apartments, which helps reduce rents somewhat.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
