The State of the Nation's Housing 2016 was released this week and, as Affordable Housing Finance's Christine Serlin reports, many challenges still face the industry despite the country's steady housing recovery.
The average renter, Serlin notes, is especially affected:
Even though multifamily construction is booming across the nation, much of this new housing is geared toward the upper end of the market, keeping rents out of reach of a typical renter making $35,000 a year.
Perhaps the most troubling finding in the new Harvard Joint Center for Housing Studies report, Serlin points out, is the increase in the number of those struggling the most with obtaining affordable housing: cost-burdened and severely cost-burdened renters:
… the number of cost-burdened renters, those who pay more than 30% of their income for housing, broke another record in 2014, jumping from 20.8 million in 2013 to 21.3 million. More than half of these renters, 11.4 million households, are considered severely cost burdened, paying more than 50% of their income for rent.