Harvard Report Highlights Housing Crunch for Cost-Burdened Renters
The number of cost-burdened American renters–those who pay more than 30 percent of their income for housing–reached a record 21.3 million in 2014 and those who pay more than 50 percent of their income for that purpose jumped to a record 11.4 million, according to the State of the Nation’s Housing 2016, a report issued today by the Joint Center for Housing Studies of Harvard University. The 28th annual report also says that the rental vacancy rate dropped to 7.1 percent in 2015, its lowest level since 1985. The report says that the low-income housing tax credit (LIHTC) continues to be the primary affordable housing vehicle in the nation and that its expansion may help broaden access to housing, but that preserving existing supply of low-cost housing is crucial.
Tune into the June 28 episode of the Tax Credit Tuesday podcast for more information.