Housing crisis hits the U.S. as rents jump by $3.6 billion in 2017
Posted On June 13, 2021
A new report from the U!
News Foundation shows that as of December 1, 2017, there were 3.1 million full-time renters in the U, which is up from 2.3 million in 2016.
The housing crisis is making the situation even worse for families with young children, as renters must also find affordable housing in many cities to keep their families afloat.
While full-year rental housing costs have increased slightly over the past year, the number of full- time renters in cities like San Francisco has increased by nearly 400,000 over the same time period.
“While we are on pace to reach our long-term goal of having 2.2 million households with families of four living in affordable housing, we have yet to reach this goal,” said Andrew Leopold, U!
Foundation’s executive director.
“It’s also clear that while the housing crisis in the United States is not as severe as it was a decade ago, the shortage of affordable housing has only increased as a result of this crisis.”
For example, in the five cities with the highest increases in full- and part-time rental housing prices between 2016 and 2017, they were all in California.
San Francisco, Los Angeles, Seattle, Portland and Dallas saw an average increase of over 600,000 per year over the three-year period, while San Jose saw an increase of about 400,00.
“The numbers are pretty scary,” Leoplod said.
“In San Francisco alone, we’re seeing an average of about 4,400 people a month leave the city due to the housing crunch.
The City of San Jose and the State of California have a long way to go in helping people stay in their homes. “
San Jose has been very successful in getting people to move out of their homes, which has helped to stabilize the market, but this is not enough.
This year alone, there have been 2,639 new reports of rental vacancy, with a total of 2.5 million households currently living in unaffordable units. “
If we continue to allow this level of unaffordability, we could end up with an unaffordable housing crisis for the next few years.”
This year alone, there have been 2,639 new reports of rental vacancy, with a total of 2.5 million households currently living in unaffordable units.
There are currently 6.4 million households in the country that are not currently renting, with 2.9 million people currently in households that are below the poverty line, according to the Census Bureau.
report found that in cities with an increase in vacancy over the previous year, median household incomes increased by about 6 percent, while median rents increased by over 15 percent.
In the states with the lowest median rents in 2017, only Oklahoma City and Texas saw a decrease in median income, while the largest increases were seen in Kansas City and New York City.
In contrast, the median rent in Los Angeles increased by more than 11 percent in 2017 and was $2,819 in 2016, according the report.
“What this report highlights is that it is not only unaffordable to live in the housing market, it is unaffordable for families to live there,” Leooplood said.
For example: “In 2016, San Francisco’s median income was $54,000, and its median rent was $3,200.
The most obvious is living in an apartment that is in the city’s downtown core, where the rents are higher and the affordability is lower.” “
There are many ways to make ends meet and living in a rent-controlled apartment building can be challenging.
The most obvious is living in an apartment that is in the city’s downtown core, where the rents are higher and the affordability is lower.”
“The affordability crisis has led to many people to leave their homes to be closer to jobs, where there is less competition for jobs,” Leod added.
“This could mean that people may need to move away from their families, and their kids may need a new parent, to get the same income they earned as a single parent.”
Foundation’s report also revealed that in 2017 there were 1.2 billion households with an annual income of less than $25,000 and 2.6 million households that were below the federal poverty level, which includes a family of four earning $15,600 per year.
While this group has the lowest income in the entire country, it also has the highest median income.
“These findings are a reminder that the U!’s goal of making the housing and social safety net work for everyone is not yet a reality, and that the need for more affordable housing is urgent,” Leaoplodd said.
As of December 31, 2017 there was an estimated $12.4 trillion in debt, $2.7 trillion in unsecured creditor claims, $1.9 trillion in unfunded liabilities, $5.9 billion in outstanding student loan debt, and