Rising Rents Mean Larger Homeless Population
It’s well documented that there’s a connection between escalating rents and growing numbers of people experiencing homelessness. With this new research, we quantify that effect in 25 major metro areas. We found that in four metros currently experiencing a crisis in homelessness — Los Angeles, New York, Washington, D.C., and Seattle – the relationship between rising rents and increased homelessness is particularly strong.
For Many Low-Income Renters, Even Low-End Apartments Aren’t Affordable
In the 25 largest metro areas in the country, people with low incomes pay far more than 30 percent for rent. Even markets that were not historically out of reach now take a large chunk of low-income renters’ dollars. In Houston, the median low-income earner spends 65.1 percent of her income on the median bottom-tier rent. In Tampa, it’s 59.1 percent. In Philadelphia, 57.3 percent.
Highlights From Research on Rents and Homelessness
We used statistical modeling to improve homeless population estimates, then created a framework for investigating how changes in rent would affect the size of the homeless population. Given that logistics and expenses prevent metros from conducting more counts of homeless populations each year, this research also offers a statistical way to generate hypothetical additional counts every year.
Q1 2017 Negative Equity: Slow Progress Beats No Progress
Slightly more than 5 million homeowners with a mortgage are in negative equity, down from a high of more 15.7 million in early 2012.
Housing Data 101: What is Negative Equity?
When a home falls in value to the point where it is worth less than the amount its owner owes on his mortgage, it falls into negative equity. This can happen in any economic downturn, regardless of severity or duration. But given both the unprecedented severity and duration of last decade’s downturn, negative equity grew like it was on steroids.
Why is Home Buying Demand So High? Partly Because Buying Conditions (in Theory) Are So Good
An incredibly strong jobs market, coupled with historically high levels of home affordability, is helping create a perfect storm of home buying demand that is proving incredibly difficult for home builders and home sellers to satisfy.
Housing Data 101: Why Is the Market So Hot?
Being a home buyer in many markets these days is harrowing. Sellers are in control, with buyers forced to contend with cutthroat competition and intense pressure to make a deal.
Does the Obamas’ $8.1M Home Purchase in D.C. Make Financial Sense?
In some parts of the country, spending a few years in a home is long enough to make homeownership a financially strong bet. Washington, D.C. isn't one of them.
Home Values Are Back, Except Where They’re Not
The median U.S. home value is back to its pre-recession peak, but not all markets behave the same. Denver recovered years ago, while Las Vegas still has a long way to go.
Rents Are Climbing Faster in Suburban Than Urban Areas
For the first time in four years, suburban rents are rising faster than rents in urban areas. The trend is more pronounced in booming markets where rent affordability is an issue.
