March 13, 2013

Weekly RoundUp: Housing in America

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The News-Gazette/ A house in the 200 block of Green Street. A new regional housing study shows that owning a house is out of reach for one in three Champaign County residents.

The News-Gazette

The News-Gazette/ A house in the 200 block of Green Street. A new regional housing study shows that owning a house is out of reach for one in three Champaign County residents.

By CU-CitizenAccess.org staff

Affordable housing continues to be an issue as America struggles to climb out of the recession.

While younger investors see housing as a viable option for work, others see safe and affordable housing as out-of-reach.

Here’s a look at the most recent reports, data and stories on the issue.

Out of Reach 2013 – National Low Income Housing Coalition
“The Housing Wage in Out of Reach captures the gap between wages and rents across the country, and is the estimate of the full-time hourly wage that a household must earn to afford a decent apartment at the HUD estimated Fair Market Rent (FMR), while spending no more than 30% of income on housing costs. The 2013 Housing Wage is $18.79, exceeding the $14.32 hourly wage earned by the average renter by almost $4.50 an hour, and greatly exceeding wages earned by low income renter households.”

HUD reports continued increase in ‘worst case needs’ in 2011
“The number of lower income households struggling to pay their monthly rent and who may also be living in substandard housing continued to grow between 2009 and 2011 according to a new report released today by the U.S. Department of Housing and Urban Development (HUD).  In 2011, HUD reports nearly 8.5 million lower income families paid more than half their monthly income for rent, lived in severely substandard housing, or both. ”

Foreclosure risk in your neighborhood – Foreclosure-Response.org
Check out which areas in your county are at the highest risk for foreclosure based on this data analysis from ForeclosureResponse.org

Younger investors jump in the housing market  – Denver Post

Because traditional careers remain ‘lackluster’, younger investors are finding viable work through the housing market.
“The same-old, same-old working 40 hours a week for 40 years is no longer the American way,” David Dweck said. “People are starting to realize that real estate investment is viable.”