New issue brief reveals the magnitude of affordable housing problem
A new CPI
issue brief reveals that about 53% of both renters and homebuyers in this
county can't afford their housing, according to federal standards.
CPI's
analysis of US Census Bureau data released this week showed that housing
affordability in the county in 2006 remained 8 percentage points behind 2000
level.
Affordability
worsened for local homeowners with mortgages in 2006, and improved only
slightly for renters. The apparent improvement for renters is a largely
"an illusion," said Richard Lawrence,
cochair of the county’s Affordable Housing Coalition, because rents have
increased and more people with higher incomes are renting.
The U.S.
Department of Housing and Urban Development (HUD) considers housing
unaffordable if the total monthly payout is more than 30% of a household’s
income. A total of 500,130 households in the county lived in unaffordable
housing in 2006.