31JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY
PREVALENCE OF COST BURDENS After three consecutive years of declines, the total number of housing cost-burdened households (paying more than 30 per- cent of income for housing) ticked up to 39.8 million in 2014. More than a third of US households faced cost burdens, includ- ing 16.5 percent with severe burdens (paying more than 50 per- cent of income for housing).
Driving this increase is the growing number of cost-burdened renters, which jumped from 20.8 million in 2013 to a record 21.3 million in 2014 (Figure 32). Worse still, more than half of these renters—11.4 million households—were severely burdened. These affordability pressures reflect the divergence between renter housing costs and renter incomes since 2001, with real median rental costs climbing 7 percent and real median renter incomes falling 9 percent.
Meanwhile, the number of cost-burdened homeowners declined for the fourth straight year in 2014, down 2 percent. This brought the share of cost-burdened homeowners to 25 percent, its lowest point in over a decade. Unlike renter hous- ing costs, owner housing costs fell 13 percent between 2010 and 2014, thanks in part to low interest rates but also to the fact that foreclosures forced many cost-burdened owners out of their homes.
Cost burdens remain nearly universal among lowest-income households (earning under $15,000), with 83 percent paying more than 30 percent of their incomes for housing in 2014. Most of these households were severely burdened, including 72 per- cent of renters and 66 percent of owners.
But households with moderate incomes are also burdened by high housing costs. Indeed, the cost-burdened rate among rent- ers earning $30,000–44,999 edged up from 47 percent in 2010 to 48 percent in 2014, while the cost-burdened rate among renters earning $45,000–74,999 held at the 2010 peak of 21 percent. Moreover, in the 10 metros with the highest median housing costs, three-quarters of renter households earning $30,000–44,999 and half of those earning $45,000–74,999 were cost burdened in 2014.
While easing among home-
owners, housing cost burdens are
a fact of life for a growing number
of renters. These burdens put
households at risk of housing
instability and homelessness,
particularly in the nation’s high-
cost cities. Meanwhile, growing
income inequality and the
concentration of poverty have
fueled an increase in residential
segregation. With dwindling
federal subsidies, state and local
governments are struggling
to preserve and expand the
supply of good-quality affordable
housing in all neighborhoods.
Reducing carbon emissions from
the residential sector is not only
a national challenge but a global
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason may is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Our essay writers are graduates with diplomas, bachelor, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college diploma. When assigning your order, we match the paper subject with the area of specialization of the writer.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more