America’s Housing Crisis Affects Everyone
“Here’s the reality: 11 million Americans spend more than half their paychecks on rent for homes they don’t own, in counties that aren’t the ones they work in. More than 550,000 people in the U.S. are homeless altogether. For those Americans who can afford to buy a home, they’re paying a larger percentage of their wages for the same property than they would have in years past, since pay increases aren’t coming as fast as price increases. The problem is worst for people at the lowest end of the market. America’s housing stock is laughably depleted, and affordable units are demolished all the time to make way for more lucrative luxury condos. Just 57 percent of homes sold between April and June of this year were affordable to Americans making the median U.S. income of $71,900, according to HousingWire. For the renters most in need, there are only 35 units available for every 100 extremely low-income households.”