Published on: 2015-06-24 21:02:16 - in Real Estate Category
The ignored housing affordability debate
Housing affordability trends Housing affordability is undergoing a national crisis among renters with studies showing that nearly half of renters face cost burdens. Renters are spending approximately thirty percent of their monthly incomes on houses with one in four people facing severe burdens that push them to spend over half of their income on housing. What remains worrying is how the political leadership are ignoring the issue with little effort.
The worsening scenario Severe cost burdens are forcing tradeoffs with most people spending approximately sixty percent less on food, health care, and retirement savings monthly. Although housing affordability was worse over the years, the situation worsened over the last decade. The result explains the crisis in today’s real estate market. Today, twenty one million households are burdened by costs while eleven million face severe cost burdens.
Call to action When compared to 1960 statistics, renters facing costs burdens have almost doubled. However, what remains glaring is how the political leadership is ignoring the growing awareness of the affordability crisis. Leaders are not identifying housing affordability as a national challenge that requires action from the public sector. The begging issue remains, when the political wing will step in and tackle this concern.