Okaloosa/Walton Real Estate

Fla. fifth in U.S. for a lack of affordable housing

WASHINGTON – April 5, 2016 – There’s a shortage of 7.2 million affordable and available rental units for America’s 10.4 million extremely low-income renter households (ELI), according to a new report, The Gap: The Affordable Housing Gap Analysis 2016, released by the National Low Income Housing Coalition (NLIHC). ELI households are those in the bottom 30 percent of income in their communities.

According to the analysis, Florida has 22 affordable rental units for each 100 residents. Only four other states have a lower ratio, according to the Coalition. Nationwide, there are 31 affordable and available rental units for every 100 ELI households.

Around 75 percent of ELI renter households spend more than half of their income on housing, which does not leave them enough for other necessities, like food, medicine, transportation, childcare, etc., and ELI households are at risk for eviction and homelessness.

The report “reveals an alarming reality about housing for extremely low income households,” says Andrew Aurand, vice president of research at NLIHC. “What is frustrating is the lack of timely action to address the issue. Millions of people in America are living in unaffordable rental homes. They are forced to cut their spending on food, transportation and health to pay rent.”

The following states have the fewest affordable and available units per every 100 ELI households, according to the analysis: Nevada (with 17 per every 100 ELI households), Alaska (21/100), California (21/100), Arizona (21/100), Florida (22/100), and Oregon (22/100).

NLIHC’s report calls on greater federal investment in the National Housing Trust Fund and other programs to aid in greater affordable housing for ELIs.

Source: “The Gap: The Affordable Housing Gap Analysis 2016,” National Low Income Housing Coalition (2016)

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Reposted from Florida Realtors – floridarealtors.org

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