It’s probably no surprise to you, but America is currently facing a severe shortage of affordable housing. And, with the recently proposed budget by President Trump, the housing budget could be significantly cut — causing even more trouble for Americans with low incomes looking for a home. To get a better sense of the current affordable housing climate — and why it’s time for us to do something about it, check out these important facts below.
1. The Shortage is Severe
So, you may have heard that there’s a shortage of affordable housing across the country — but you may not have realized just how severe that shortage is. A new report from the National Low Income Housing Coalition revealed that there are 11.4 million extremely low-income renter households in America (over 25% of all renter households in the country), but a shortage of 7.4 million affordable and available rental homes for those people. This means that for every 100 extremely low-income renter households, there are only 35 affordable and available units.
2. The Shortage is Happening Everywhere
The affordable housing shortage is not just limited to big, urban cities like New York or San Francisco. It’s actually happening everywhere, across the country, in metropolitan both big and small. The most affected states include Nevada, California, Arizona, and Oregon. In Las Vegas, there are only 12 affordable and available homes for every 100 households in need, while in Los Angeles, there are only 16 affordable and available homes for every 100 households.
3. Affordable Housing is a Problem That Only Affects Some People
People who can afford higher-income housing tend to write off affordable housing as an issue that only affects lower income citizens. However, in reality, the affordable housing shortage has a huge impact on society at large — and introducing more affordable housing has a positive effect overall. A report from Harvard showed that when Habitat for Humanity built affordable homes in an impoverished neighborhood in Winston-Salem, NC, crime dropped 50% and drug offenses dropped 70%. Also, housing studies have shown that affordable housing is essential to our overall economy: HUD supports more than 500,000 jobs annually across the nation, and building 100 affordable homes in an area generates around $11.7 million in local income, 161 local jobs, and$2.2 million in taxes in one year.
If you want to help fix the affordable housing problem in America, consider getting involved with ViaHome. We have opportunities to invest in affordable housing opportunities, or to work with us to help find investors and projects that are in need of funding.