The National Low Income Housing Coalition (NLIHC) released its report, Out of Reach 2009, that provides a frightening view of affordable rental housing in the United States. The NLIHC annual Out of Reach report provides data for every state, metropolitan area and county in the country showing how much a household must earn to afford a modest market-rate rental home. The report also provides local wage and income data for comparison purposes. While the report does not focus on senior housing, it shows that:
- The unemployment rate has increased from 4.8% to 8.1% in the last 12 months, increasing the number of unemployed workers by 5.0 million.
- The number of “involuntary” part-time workers has risen to 8.6 million.
- An estimated 40% of foreclosures displace renter households.
- The number of renter households has grown by 2.2 million in the last two years, while the number of owners has contracted.
- As many as 1.5 million additional people could experience homelessness in the next two years.
The report and data provide an intriguing look at the impact the latest economic downturn has had on rental housing but takes a broader view of the crisis. After reviewing the report, it doesn’t take much imagination to connect the dots to make the connection to the current state of senior housing.
For the summary of the report, click here.