Though we all like a slick rendering and discussing new trends in luxe amenities, the reality is that the median U.S. renter earns $36,000 a year. While employment growth averaged a healthy 246,000 jobs added per month in 2014, over 40 percent of the job growth over the past four years has been in lower-wage industries.
“The number of people that went from moderate income to low income increased dramatically since the recession,” said Hugh Frater, CEO of Berkadia, at panel covering workforce housing at the 2015 NMHC Apartment Strategies Outlook Conference in Palm Springs this Tuesday.
“Most working and lower income families are rent burdened. The number of people spending 30 to 50 percent of income on rent—and even more than 50 percent of income on rent in certain cases—has risen dramatically. When people are spending more than 50 percent of income on rent, they are also often deciding on whether or not they can afford food.”
Read more...NMHC Special Report: Working Towards Workforce Housing | Multi-Housing News Online
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