National Housing Conference
Social Media Release
DESPITE HISTORIC DROPS IN HOME PRICES, NEW STUDY FINDS HOUSING COSTS ARE ACTUALLY ON THE RISE FOR AMERICA’S FAMILIES
Latest U.S. Housing Trends Reveal That Affordability Challenges Grow, Situation Likely to Get Worse Due to High Unemployment
12.17.2009 – While the U.S. foreclosure crisis has resulted in a historic drop in home prices, a new Center for Housing Policy report released today reveals that housing affordability has actually worsened for America’s families. The report, entitled Housing Affordability Trends for Working Households, examines the relative affordability of housing for low- and moderate-income working owners and renters between 2005 and 2008.
The report’s analysis finds that the share of working owners with a severe housing cost burden – that is, the share of households spending more than half their income on housing – rose from 18 to 20 percent during the three-year period studied. The share of working renters spending more than half their income on housing stayed essentially the same between 2005 and 2008 at approximately 22 percent. Combined, more than 20 percent of working owner and renter households spent at least half their income on housing in 2008 – and today's double-digit unemployment rates in many states are threatening to push more of America’s families into financial instability.
Housing Cost Burden Trends for All Working Family Households
The regional, state and metropolitan area data below reflect severe housing cost burdens for both working family owners and renters in 2008.
Percentage of Working Households with Severe Cost Burdens in 2008 by Region
West - 26%
Northeast - 23%
South - 20%
Midwest - 17%
Percentage of Working Households with Severe Cost Burdens in 2008 by State
Highest
California - 32%
Florida - 30%
Hawaii - 28%
New Jersey - 28%
Nevada - 26%
Lowest
North Dakota - 10%
South Dakota - 11%
Alaska - 12%
Nebraska - 12%
Iowa - 13%
Percentage of Working Households with Severe Cost Burdens in 2008 by Metropolitan Area
Highest
Miami-Fort Lauderdale-Pompano Beach, FL - 39%
Riverside-San Bernardino-Ontario, CA - 36%
Los Angeles-Long Beach-Santa Ana, CA - 35%
San Diego-Carlsbad-San Marcos, CA - 35%
Orlando-Kissimmee, FL - 33%
Lowest
Pittsburgh, PA - 14%
Raleigh-Cary, NC - 15%
Oklahoma City, OK - 15%
Richmond, VA - 15%
Louisville/Jefferson County, KY-IN - 15%
To learn more, please read the complete release: http://www.nhc.org/index/News-pr-121709
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About the Center for Housing Policy
The Center for Housing Policy, the research affiliate of the National Housing Conference (NHC), specializes in developing solutions through research. In partnership with NHC and its members, the Center works to broaden understanding of the nation’s housing challenges and to examine the impact of policies and programs developed to address these needs. For more information, please visit: http://www.nhc.org/index/chp-index/
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- New Report: Despite a historic drop in home prices, #housing affordability worsened for many American families
- News Facts
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- Housing affordability has not improved for many of America's working families, despite a recent drop in home prices.
- From 2005-2008, the share of working owners with a severe housing cost burden rose from 18 to 20 percent.
- During the three year period studied, the share of working renters with severe housing cost burdens stayed the same at approximately 22 percent.
- California (32%) and Florida (30%) represent the states most strained by housing costs, with the top five most burdened metropolitan areas all falling within those two states.
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