HOMES FOR ALL!
Reclaim. Remain. Rebuild Our Cities.
FACT SHEET
Federal Government
The federal government spends 4 times as much on homeownership as it does on rental housing ($230 billion vs. $60 billion).Source: Congressman Ellison powerpoint on HR 6677
Renters
11 million renters pay more than 50% of their income to housing.
Source: NLIHC’s analysis of the 2011 American Community Survey
One in four renters pay more than half of their income on housing; these renters are disproportionately people of color. Source: Center for American Progress, “Housing Market is Not Only for Homeowners,” Abromotiz, 12.10.12, p 2
20 million renters (households) pay more than 30% of their income towards housing /Source: NLIHC’s analysis of the 2011 American Community Survey
5.1 million new renters in the last decade/ Source: Orange County Register, 5.1 Million More Renters, 06.14.12, Lansner
US added one million new renters in 2011. The country’s two largest populations--seniors and youth-- are becoming renters in large numbers.Source: Center for American Progress, “Housing Market is Not Only for Homeowners,” Abromotiz, 12.10.12, p 2
Lower-income families in unaffordable units spend 50% less on healthcare and clothes, 40% less on food, and 30% less on insurance and pensions compared to families in affordable units /Source: Center for American Progress, “Housing Market is Not Only for Homeowners,” Abromotiz, 12.10.12, p 4
Average rents will increase nationally by 4.6% in 2013 and increase at least 4% per year in 2014 and 2015
Source: Center for American Progress, “Housing Market is Not Only for Homeowners,” Abromowitz, 12.10.12, p 2
Units are in short supply: For every 100 ELI households seeking an apartment, only 30 units bothaffordable and available can be found. In sum, 7.1 million additional units are required to address theneed for affordable housing among ELI households.Source: National Low Income Housing Coalition, February 2013, Housing Spotlight, Volume 3, Issue 1
Homeowners
Up to 10 million underwater homeowners will lose their home to foreclosure over the next four years.
Source: At A Crossroads Report, January 2013, National Consumer Law Project. p. 3
15 million homeowners are underwater/ Source: CNNMoney, 8.23.12, Christie, “Half of Mortgage Borrowers Under 40 are Underwater.”
Homeless
3 million families and individuals are homeless. Half of these are children.Source: National Law Center on Homelessness and Poverty
Jobs
Reducing principal to current value on all underwater homeowners will create 1 million jobs.Source: Win/Win Report by New Bottom Line
Creating 1 million affordable rental homes can generate 1.2 million jobs.Source: Urban Land Institute