Housing crisis (US)

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The Housing Crisis in the US has manifested in its eleven largest metropolitan areas (Atlanta, Boston, Chicago, Dallas, Houston, LA, Miami, New York City, Philadelphia, San Francisco and Washington DC) as a dearth of affordable housing.

Some facts:

  • Between 2006 and 2014, the renter population grew faster than the stock of rental units in the 11 largest metro areas and in metro areas nationwide, which has pushed the average rental household size up and put pressure on the affordability of rental housing.
  • The rental vacancy rate dropped in 10 of the 11 largest metro areas, and in metro areas nationwide, between 2006 and 2014.
  • Seven out of the 11 largest metro areas became less affordable to the typical renter between 2006 and 2014.
  • In 10 of the 11 largest metro areas, and in metro areas nationwide, the median gross rent rose between 2006 and 2014, both in the central cities and the surrounding suburbs.
  • Incomes in these metropolitan areas did not keep pace in most metro areas, and rent burdens rose in metro areas nationwide.
  • In 2014, one quarter of renters in seven of the 11 largest metro areas, and in metro areas nationwide, were severely rent burdened, facing rents equal to at least half their income.
  • In 2014, the overwhelming majority of low-income renters were severely rent burdened in the 11 largest metro areas and in metro areas nationwide.
  • The vast majority of rental units that had recently been on the market in 2014 were unaffordable to low- and moderate-income renters in all of the 11 largest metro areas and in U.S. metro areas as a whole.
  • In 2014, rental units that had been on the market within the past year in the 11 largest metro areas and in metro areas nationwide had higher rents and were less affordable than units which had not been recently available

 

 

See also[edit]

Affordable_housing

Mapping America's Rental Housing Crisis

Housing_Crisis_-_Expensive_Rental_Markets

Rent/Cost_burdened

References[edit]

Renting In America’s Largest Metropolitan Areas NYU Furman Center/Capital One National Affordable Rental Housing Landscape