Tuesday, November 29, 2005

The Housing Landscape of America

In just over a half a decade the number of Ameica's working families paying more then 50% of their income to housing has grown 76%, according to a study entitled "The Housing Landscape of Ameirca's Working Families 2005" conducted by The Center of Housing Policy. Freddie Mac funded the study.

The report specifically states that in 1997, 2.4 million working families spent more then 1/2 their income on housing, but by 2003 the number had grown to 4.2 million. The report also noted that immigrant families are 75% more likely to pay more then 1/2 their income to housing compared to their native born americans.

Other points of interest: 1 out of every 8, or 14.1 million of all families had critical housing needs-that means that they paid more then 1/2 their income for housing, and/or lived in physically dilapidated conditions.

Mr Alan Kingston a leader in the study summed it up "Public agencies and the private sector must work hand-in-hand to make use of new financial tools, local and land use incentivies and regulatory reforms to build more affordable housing. Unless we continue to invest in affordable housing for our workforce our economic future is at risk."


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