WinnCompanies’ Post

Startling statistics in this report - can real estate developers (and landlords) create wealth and good returns for investors while also creating safe, clean, affordable housing WITHOUT government subsidies, rules, and oversight like Peter Bailey did...without becoming Mr. Potter? ...working on it... https://lnkd.in/ejAU2Rev

The Gap: A Shortage of Affordable Homes is a report published annually by the National Low Income Housing Coalition (NLIHC) that highlights the shortage of affordable homes for low-income renters throughout the United States. Extremely low-income renters are more likely than other renters to spend a large share of their income on rent. In Colorado, 87.6% percent of extremely low-income renters are cost-burdened and 76% are severely cost-burdened. In comparison, across the United States 48% of all renters (regardless of income) are cost-burdened and 26% are severely cost-burdened.

“This year’s Gap finds that the lowest-income renters in the U.S. face a shortage of 7.3 million affordable and available rental homes. As a result, nearly three-quarters of renters with extremely low incomes are severely cost-burdened, spending more than half of their income on rent and accounting for nearly 70% of all severely cost-burdened renters in the U.S.” #TheGap2024 #affordablehousing Great job as always by the National Low Income Housing Coalition laying at the nuances of the affordable housing crisis in America!

🏠In a recent study, we discovered a somewhat shocking fact - nearly half of the renters in prominent U.S. metropolitan areas are 'rent-burdened.'🏠 - What does this mean? Rent-burdened is a term that translates to spending more than 30% of household income on rent alone. This is not just numbers and percentages. It portrays a deeper reality about the challenges faced by many U.S. residents when it comes to residential circumstances particularly BIPOC

The total number of cost-burdened renter households, those that spend more than 30% of its income on rent and utilities, reached 22.4 million between 2019 and 2022, a record high that accounts for 50% of all renter households in the U.S., according to a Harvard Joint Center for Housing Studies study.

"More than three in five extremely low-income renter households and three in seven very low-income renter households continued to lack access to affordable and available housing units as of 2021." Read HUD's 2023 report on Worst Case Housing Needs which outlines the importance of investing in housing for those with the lowest income and greatest housing needs. https://lnkd.in/ga4j6Aj6

Climbing rents have propelled cost burdens to staggering new heights: in 2022, half of all US renters were cost burdened. The number of renter households spending more than 30 percent of their income on rent and utilities rose by 2 million in just three years to a record high of 22.4 million, according to America’s Rental Housing 2024, a new report being released January 25 by the Harvard Joint Center for Housing Studies. Among these renters, 12.1 million had severe burdens, paying over half of their income for housing, also an all-time high: https://ow.ly/glgt50QyQE5

The National Low Income Housing Coalition released its annual report, The Gap: A Shortage of Affordable Homes. This report measures the availability of rental housing affordable to extremely low-income households and other income groups. One significant finding in the report: there are only 37 affordable and available rental homes per 100 extremely low income renter households in Michigan. Check out more data for Michigan and other states at nlihc.org/gap ID: Image is a map of the U.S. where states are shaded in different colors of yellow, orange, and red to indicate the gap in affordable housing and those with the lowest household incomes.

According to a new study 21.8 million US households were rent burdened last year, meaning that they pay more than 30% of their annual income on rent. That's the highest number in a decade and represents 52% of all renters. Additionally, more than 25% of renters spend more than half of their income on rent. Because "rent burden" is connected to salary, which is different in different cities and states, it's a more accurate measure of housing affordability than simply looking at rent levels. Basically, rent burdens increase when rents rise but wages fail to keep pace. Source: https://lnkd.in/gBQQ_SEJ

This study explores a new approach to calculating housing affordability that considers nonhousing expenses. Under this measure, 19.2M households are cost burdened, compared with 14.8M under the standard ratio measure.