In a previous article, we discussed categories of multifamily renters different from the affluent millennials consistently highlighted as the typical apartment-dweller. In this article we’ll highlight another renter group; low- to moderate-income wage-earners. Unlike the millennials, the lower- and middle-income wage-earners are sliding into a housing crisis. Demand among this income group is growing, while supply is disappearing.
In its recent report, “America’s Rental Housing: Evolving Markets and Needs,” the Joint Center for Housing Studies of Harvard University (JCHS) points out that this isn’t a “poor people” problem. Though cost-burdened renters do tend to have lower incomes, a large portion of this group actually consists of moderate-income renters.
Specifically, between 2001-2011, the largest increase of cost-burdened renters was found among those with incomes between $30,000-$44,999 (an 11% increase) and those with incomes between $45,000-$74,999 (a 9% increase).
Read more...Shedding Light on Low-Income Housing