Poverty on the Rise
46 million people live in poverty in the United States. This number has increased 38% over the last 13 years – the highest rate in almost 60 years.
Cost Burden
More than 11 million Americans now pay more than half their monthly salaries on rent. This rate has increased more than 30% over the last five years, which is also a record high.
Inventory Deficit
The U.S. has a shortage of 7.4 million affordable rental homes available Eligible Low Incomerenter households.
Housing Markets
One in four housing markets not affordable by historic standards; new 2016 data from ATTOM Data Solutions shows 24% of US counties are less affordable now than last year at 19%.
“If current trends in urbanization and income growth persist, by 2025 the number of urban households that live in substandard housing—or are so financially stretched by housing costs that they forego other essentials, such as healthcare—could grow to 440 million, from 330 million. This could mean that the global affordable housing gap would affect one in three urban dwellers, about 1.6 billion people.”
(McKinsey Global Institute)
Children and Poverty
15 million children (or 21% of all children) live in families with incomes below the federal poverty level.
Health Matters
Poor housing and poor health are tied together, especially with children. When homeless or low-income families have to compromise on housing, their health declines including worsening asthma and allergies tied to poor housing conditions; pests; molds and chronic dampness; lead exposure and increased accidents/injuries from exposed wiring and other needed repairs.
Affordability Gap
Millions of Americans are struggling to afford a place to live. In order to afford a modest, two-bedroom apartment in the U.S., renters need to earn a wage of $20.30 per hour. In six states and the District of Columbia they need to earn more than $25 per hour.
Stagnant Wages
US minimum wage is $7.25/hour. A renter would need to work 90 hours per week to afford a one-bedroom rental home at the Fair Market Rent and 112 hours per week to afford a two-bedroom.
Interested in becoming part of our housing program?
ENTER EMAIL ADDRESS