NYU Furman Center’s Post

A recent article from Metro Philadelphia highlights significant flaws in using the Area Median Income (AMI) metric to determine housing affordability in Philadelphia. The article explains how the inclusion of wealthier surrounding counties, like Bucks and Chester, inflates the median income for Philadelphia. This misrepresentation leads to housing benefits intended for low-income residents being accessible to those with higher incomes, exacerbating the housing crisis. Read more at https://lnkd.in/eYkm6-q9

250,000 households. That’s how many Canadian families are sitting on waitlists for affordable housing right now. It’s wild to think that so many people are in limbo, just waiting for a place to call home. StatsCan shows that while so many families are already in social and affordable housing, it’s still nowhere near enough to meet the demand. These are people who are stressed, uncertain, and losing hope. We can’t keep putting band-aids on this housing crisis. It’s not enough to just build more units and call it a day. We need to rethink the whole system: address rent affordability, invest in community housing projects, and work on policies that actually support people who need it most. And maybe it’s time to ask ourselves: Why is affordable housing treated like a privilege when it should be a basic human right? We’ve got to push for better housing options, better policies, and better support for those who are stuck in the system. https://lnkd.in/gh_Gtrpp #HousingCrisis #AffordableHousing #SocialImpact #WeNeedChange

In line with my recent post for PxP, I think it's also really important to think what this figure actually means on the human level of each of the hundreds of thousands of people on these waitlists. It means people trapped with their abusers and being told that they have no choice but to wait for more than a decade because that's how long the priority waitlist is in their region. It means people whose pain is unmanaged and keeps getting worse because their living space is inaccessible. It means people choosing between eating and making rent. It means people slipping further into poverty because you can't keep up at work when you are living like this. It means people becoming unhoused and turning to substances to cope with their unbearable reality, and being blamed by the masses who choose to believe they have chosen this life, and who advocate incarcerating them because they are "dangerous" and "beyond help." The old saying goes that, "one death is a tragedy, a million is a statistic." The same applies to how we talk about the desertion of people who are struggling in our society. We need to be willing to de-abstract these statistics and really sit with what is happening in the lives of each and every person they represent. https://lnkd.in/eN6fWPpv

The housing affordability crisis in major cities is a pressing challenge that many of us are feeling. As inequality rises alongside skyrocketing rent and property prices, the gap between wages and housing costs grows ever wider. This article offers insightful perspectives on the disconnect between urban living costs and income levels, which often leaves many individuals yearning for a sense of security in their residence. For those navigating this difficult landscape, here are some actionable tips: 1. Research emerging neighborhoods that offer affordable housing options but still have access to amenities and transport. 2. Consider adjusting your budget to prioritize housing, perhaps by cutting unnecessary expenses elsewhere. 3. Stay informed about local policies and developments that could influence housing costs, allowing you to advocate for change when necessary. By taking these steps, you can empower yourself and possibly glean more stability in your living situation. Better education on this topic can also inspire discussions that lead to community solutions for making housing more affordable. What strategies have you found effective in tackling housing affordability? Share your thoughts and experiences. https://lnkd.in/gaGaxQhN

America faces a housing crisis as rents consume 30% of incomes, squeezing out affordability for many. High costs drive homelessness and economic strain, despite efforts to increase affordable housing supply. Policy initiatives like subsidized vouchers aim to alleviate housing pressures in cities like New York, while market responses like Zillow's single-room rentals reflect adaptive strategies amid soaring prices. Challenges persist as demand outstrips supply, requiring sustained policy action and economic improvements to tackle the root causes. Read more on this at The Hype Economy. #HousingCrisis #AffordableHousing #RentalMarket #EconomicStrain #Homelessness

🏘️ Addressing America's Growing Housing Affordability Gap 🏘️ A recent report from the National Low Income Housing Coalition highlights a pressing issue: the widening gap between low-income renters and affordable housing availability. For every 100 extremely low-income renters, only 36 affordable homes are available! This critical situation not only exacerbates homelessness but also leads to overcrowded living conditions and serious health problems. Here are a few alarming trends: - Approximately 10.9 million extremely low-income renters are competing for just 3.9 million affordable homes. - Housing costs have outstripped income growth, with low-income renters now spending over half their earnings on housing. - The affordability gap has surged by 66% since 2013, most notably in states like California, Florida, and Texas. What causes this gap? A few factors include insufficient funding for housing programs, a stark shortage of affordable housing, and continually climbing housing costs amidst stagnant or even decreasing incomes for low-income households. 📊 Did you know that 70% of Americans view affordable housing as a significant issue in their communities? With building costs up by 15% since 2020, the situation seems poised to worsen, not improve. 🤔 But what can we do about it? The National Low Income Housing Coalition advocates for increased funding for essential programs like the National Housing Trust Fund and policies aimed at tackling the root causes of this crisis. Let us not underestimate the power of informed advocacy and community action. No one should have to choose between adequate housing and other basic needs. 👇 How do you think we can tackle this issue? Have you or someone you know been impacted by the housing affordability crisis? Share your thoughts and experiences below. #HousingCrisis #AffordableHousing #EconomicMobility #UrbanDevelopment #SocialImpact #CommunityAction

📖 The current federal methods of calculating supply shortages generally rely on core housing need. However, core housing need, despite using international affordability definition standards, ignores suppressed housing formation on preferred household size and other housing conditions. 👜 🏣 Suppressed housing formation refers to new households that would have been formed but are not due to a lack of attainable options. 🙍♀️ 🙍♂️ The individuals who would have formed these households include many adults living with family members or roommates and individuals wishing to leave unsafe or unstable environments but cannot due to a lack of places to go. 🐚 📇 While suppressed household formation is hard to calculate, it represents hidden and uncalculated housing shortages that are the product of an unaffordable housing market. 📈 The increased demand for rental housing puts pressure on the rental market, leading to higher average rents and potentially displacing existing tenants and lower-income families. 📦 Sometimes, long-time renters might take in roommates to reduce living expenses or leave the rental market altogether. Areas with limited housing supply often experience serious consequences, including homelessness, people moving away, and neighbourhoods with fewer children. 📤 💡 While not a perfect indicator of housing affordability, headship rates can identify urban areas that are better at facilitating the formation of independent households. 🗯 #HousingShortages #AffordableHousing #HiddenHousingNeeds #RentalMarketPressure #HouseholdFormation

With one in four of us expected to be over the age of 65 by 2038, it’s crucial government supports the development of more socially rented housing dedicated to older people and 10% of Homes England & GLA’s capital funding budgets goes to the construction of social rented housing for older people. Anchor Chief Executive Sarah Jones (she/her) said in response to the Older People's Housing Taskforce report: "The taskforce makes some enormously valuable recommendations for increasing the supply of housing for older people. With our research showing more than a third of older people would consider downsizing if the right properties are available, increasing supply can bring enormous benefits for older people themselves and free up larger properties for families." Read the response in full here: https://lnkd.in/eqXAPvHM

The lack of affordable housing stock is the biggest issue our clients face. Experts say that 90,000 of social homes need to be built every year for a decade to house everyone - but less than 5,000 were completed in the past year. This article explores the "perfect storm" of financial uncertainty, unsuitable construction and huge bills for repairs which results in thousands of affordable social houses are not being built despite the enormous need. There are not enough social houses to go around for clients to move in to following their time with us, which means that clients are more likely to fall back into a cycle of rough sleeping or insecure living; and more likely to make negative choices around substance misuse, criminality or anti-social behaviour, making it harder to access housing. Central and local governments have got to be creative in their approach to developing more affordable homes. Without more affordable housing stock, we will never see an end to homelessness.

The Affordable Housing Crisis: What Does “Affordable” Really Mean? 🏠💡 When we talk about affordable housing, it’s important to define what "affordable" actually means in terms of income vs. rent. In housing policy, affordability is generally defined as a household spending no more than 30% of its gross monthly income on housing costs. But what does this look like in practice? Let’s take a closer look: Median Income in Texas: The median household income in Texas is approximately $75,780 per year, or around $6,315 per month. Research shows this is around 40+% of all Texas workers. Using the 30% rule, an affordable rent for the median household in Texas would be around $1,894 per month. For many working families, especially those in essential industries like education, healthcare, and service sectors, this is well above their income level. Low- and Moderate-Income Households: Households earning 50-80% of the median income—about $37,890 to $60,624 per year—can only afford rent between $947 and $1,516 per month. For those earning below 50% of the area median income, affordable rent would need to be under $947 per month. The Reality of Affordable Housing As rents continue to rise, many families are being priced out of homes that meet the 30% rule. For countless Texans, especially in urban areas, a rent of $2,000 per month is not even close to affordable. The question we need to ask is: How can we bridge the gap between income and rent? To truly solve the affordable housing crisis, we need housing that reflects the realities of household income across all levels, especially for low- and moderate-income families. What are your thoughts on how we can better align income with rent prices to make housing more affordable?