Low-Income Rentals Migrating Out of Affordability

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Posted To: MND NewsWire

The number of affordable rental units available to low and very low-income households is falling according to a new analysis from Freddie Mac. Not only are fewer units coming on line (even as multi-family construction has returned to historically average levels), but existing units are migrating out of affordability . The company found increasing rents, stagnant household incomes, combined with potential changes to public subsidies on both the supply and demand side, are constricting the number of units that are both affordable to lower income renters and meet their specific needs for location and unit size. Very low-income households (VLI) are those with incomes no greater than 50 percent of the local area’s median income (AMI). As rents rise without a corresponding increase in wages, households…(read more)

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