“Our nation can’t fulfill any of our major goals — whether it’s tackling inequality, improving healthcare, keeping neighborhoods safe, or making sure every child gets a good education — unless we also focus on housing.”
– Julián Castro, Former Director for the US Department of Housing and Urban Development
Did you know that housing is unaffordable if the home (and taxes and basic utilities) consumes 30% or more of a family’s income? * Based on this, there is no area in our country where the prevailing minimum wage worker can afford a modest two-bedroom apartment for their family. There is a shortage of affordable housing everywhere in our country, and for more than 10 million low-income families, the shortage of affordable housing is 7.2 million.◊
Furthermore, there are 21.3 million renters in the US who spend more than 30% of their income on housing. Of those renters, 11.4 million spend over 50% of their paychecks.♣
This is a major issue.
Without affordable housing, families and individuals cannot save for other expenses, such as food, health care, transportation costs, and education. It is hindering our nation from reaching our full potential. If housing is more affordable, it is more accessible and brings greater stability to families.
Affordable housing is essential in creating safer and better communities in our country.
Want to learn more? Check out these great resources about affordable housing:
* Definition provided by the United States Department of Housing and Urban Development