Affordable Housing Statistics - featured image

24 Need-to-Know Affordable Housing Statistics

By Blog

Today’s topic is quite popular among you and your friends, I’m sure: affordable housing. 

We have prepared some affordable housing statistics that will surely be valuable. After all, you need to know what the reality of the nation’s housing situation is. To make sure you don’t end up as one of the negative statistics, you need to be informed.

Have you ever asked yourself: How many veterans in the USA are homeless? Or what percentage of housing is affordable? Or if you’ve taken a look at US housing data or the national and state housing facts it made you wondered about the state of housing in USA in 2019?   

If the above questions keep you up at night, we’ve got you covered! Here are 24 statistics that will shed some light on USA affordable housing statistics.

Key Affordable Housing Statistics for 2019 (Editor’s Choice)

  • 38.1 million Americans are in low-income households
  • 2.1 million families are using housing vouchers
  • There’s a Seven Million Home Shortage for Extremely low-income renters
  • 5.6% of Americans now live in mobile homes
  • Over half a million Americans are homeless
  • 37,878 veterans are homeless

Affordable Housing Statistics

1. 84% of people in the USA cannot afford to buy a house

(Source: Attom Data)

Many of us wonder: How many people in the USA cannot afford to buy a house? Towards the end of 2018, a reported 84% of Americans could not afford to get a home in the average price range. In this time, US house prices were at their least affordable since 2008. In order to buy an average-priced home in areas such as San Mateo, San Francisco, Santa Clara, New York, etc., prospective homeowners need to be earning upwards of $100,000 per year.  

2. 16% of USA residents can afford to live in a comfortable house

(Source: Business Insider) 

While 84% of Americans are not able to afford purchasing a house, the remaining 16% can. Interestingly enough, the sales of 28.8% of homes purchased in 2017 were facilitated without incurring any debt.  

3. 1.3 Million Households Make Use of Public housing 

(Source: US Department of Housing and Urban Development) 

More than 1.3 million households currently reside in HUD housing. 40% of them are aged over 65. 43% of households have children. The rest are people under the age of 65 that have no children.

 73% of all occupied public housing units are found in the Northeast and the South, per these public housing statistics

4. US housing bubble stats: home price rise of 93% leads to bubble fears  

(Source: National Association of Realtors) 

The effects of the USA Housing Bubble are still being felt today. In 2008, special loans of over $900 billion were granted by the United States Government to the public and private sector. In the third quarter of this year, median-priced homes saw an increase of 93% in the house price growth rate in the USA in metro areas. This has many fearing another bubble is on its way.     

Affordable Housing Statistics - houses

Affordable Housing Crisis Statistics

5. Not one state can meet the shortage of affordable rental homes 100% 

(Source: Monroe Group) 

There is a massive shortage of affordable rental homes available to Americans. It has been said that not one county within the US can meet the demand for safe, affordable housing. Over 46 million people are living in poverty within the US and are unable to afford housing.  

6. The national shortage of affordable rental housing doesn’t discriminate: 44% of renters have unaffordable rent 

(Source: American Progress)

How many people are affected by affordable housing? Well, there are an estimated 30 million renters in the United States. 44% of them have unaffordable rent. These people spend more than 30% of their income on housing costs. Only the high-income households don’t experience this national shortage. The middle and lower class feel this crunch tremendously.  

7. Growth of affordable housing crisis: a meager 56% of homes for sale are affordable  

(Source: Forbes) 

In 2012, the NAHB/Wells Fargo Housing Opportunity Index highlighted that homes were at peak affordability. 78% of homes for sale were affordable to the average American. Due to growth, today, only 56% of homes for sale are affordable. 

Low-income Renters Housing Stats

8. 38.1 million Americans are in low-income households

(Source: United States Census Bureau) 

2018 saw a drop of 0.5% in the number of low-income households. The official poverty rate in 2018 was 11.8%, which means approximately 38.1 million Americans. A decreased poverty rate was discovered amongst almost all groups of people. The exception is people older than 25 without a high school diploma – the poverty level there increased by 1.4%.  

9. There’s a seven million home shortage for extremely low-income renters 

(Source: The National Low-Income Housing Coalition) 

11 million of America’s 43.3 million households that rent are classed as extremely low-income renters. A mere 7.4 million rentals are available to them. Typically, extremely low-income renters are seniors, have special needs, or are single caregivers.  

Affordability by Profession

10. Some teachers spend up to 70% of their income on housing  

(Source: Brookings) 

The national median salary for teachers in the US is $56,540. But in Hawaii, teachers earn around $44,887. In Rhode Island, a teacher can earn as much as $69,911. Many teachers cannot afford to spend up to 70% of their income on housing. Plans are being made for that to change.

11. In the San Francisco area, only 4.8% of homes are affordable for programmers

(Source: Statista)

The San Francisco Bay area has 387,000 high-tech jobs.  It is also the home to more than 30 Fortune 1000 businesses. Presently it also has the most concentrated amount of high-tech companies in the US. But programmers can only afford 4.8% of the homes in this area. Whereas in the Seattle area a programmer can afford 39% of the available houses. 

12. Affordable housing for working-class vs. public servants in the US: 65% of people are concerned 

(Source: Statista) 

In 2017, a survey was conducted regarding the lack of affordable housing for members of the working class and public servants. The results yielded that 65% of survey participants were concerned about the minimal amount of affordable housing available to them. 

Affordable Housing Statistics - San Francisco

USA Rent to Income Ratio

13. How many millennials in the USA are facing affordable housing problem? rent cost by generation 

(Source: The Ladder) 

Given the different economic conditions faced by the generations, it’s difficult to narrow down accurate numbers. It was estimated that the average rent to income ratio for baby boomers was 38.1% of their income, while Gen Xers was 35.9%, and millennials are 35.7%.  

14. Don’t spend more than 30% of your income on housing: most affordable metro areas in the US by income spent on rent 

(Source: Business Insider) 

The median rent costs, monthly income needed, and average housing cost by state help us establish the most affordable metro areas in the US. Renters in West Virginia need to earn a monthly wage of $2,960. Renters in Arkansas need a monthly income of around $3,177. In contrast, renters in Washington DC will need to earn roughly $9,037 per month. Meanwhile, California renters need to earn a monthly income of around $8,393 to afford decent housing. 

15. 36% of the average wage was needed to buy a median-priced home in the US in 2018.

(Source: Statista) 

The average earners had to set aside 36% of their wages to purchase a median-priced home in the US in 2018. In 2015 this figure was 30%. 

16. 14-years’ worth of savings are needed to afford a down payment in the US 

(Source: US News) 

The average American household has to save for 14 years to afford a 20% down payment on a median-priced home.  A Zillow report from 2019 shows that 34% of new homeowners financed their down payment through gifts, contributions, and loans given by friends & family.

Top 5 Metros in the USA with affordable housing

(Source: CNBC) 

The top metros with affordable housing are:

  • Mississippi
  • Oklahoma
  • Arkansas 
  • Missouri 
  • Michigan 

Now let’s talk about mobile homes.

Average Sales Price of New Mobile Homes in the US and More

17. Average sales price of new single-width mobile homes is $53,116.66

(Source: United States Census Bureau) 

So far, 2019 has seen an average sales price of new single-width mobile homes of $53,116.66. The average sales prices per month in the US was:

  • $53,400 in January 
  • $52,600 in February
  • $50,400 in March 

Then it rose to  2019’s high of $55,700. 

18. Average sales price of new double-width mobile homes is $103,800

(Source: United States Census Bureau)

In 2019, the average sales price of a new double-width mobile home is $103,800. The average sales prices per month in the US was:

  • $103,400 in January 
  • $107,600 in February 
  • $102,100 in March
  • In April the price dropped to $100,700 
  • May there was a drop to $98,100.  

19. 5.6% of Americans live in mobile homes: but where? 

(Source: Apartmentlist)

17.7 million people make up this 5.6%. Of this percentage, 71.1% own their mobile homes while 28.9% rent theirs. The four states with the largest population of Americans living in mobile homes are New Mexico, South Carolina, West Virginia, and Mississippi. The States that home the least amount of mobile homes are Hawaii, Connecticut, Massachusetts, and New Jersey. 

20. Roughly 2.1 million families are using housing vouchers 

(Source: Center on Budget and Policy Priorities) 

The Housing Choice Voucher program supports more than 5.3 million people in 2.2 million households. They providing rental assistance in the form of vouchers. 68% of these people are senior citizens, children, and people with disabilities. It’s estimated that 7 out of 10 low-income families are missing out on these vouchers due to the limited availability of funds. 

21. Homeowners stay in one home for an average of 13 years 

(Source: National Association of Home Builders)

On average, a homeowner will reside in their home for up of one decade. First-time buyers will typically stay in one home for 11.4 years. Those who’ve previously owned a home are expected to stay for around 14.8 years. 

22. 41% of children in the US live in low-income families 

(Source: National Center for Children in Poverty) 

41% of children (29,589,986) reside with low-income families. Of this 41%, a little over half have at least one parent who works full-time. This figure is made up of various ethnicities. The racial statistics are as follows: 

  • 61% black 
  • 60% American Indian 
  • 59% Hispanic
  • 28% Caucasian & Asian.  

Poverty Levels

23. USA homelessness stats: over half a million Americans are homeless 

(Source: Whitehouse.gov) 

An estimated 65% of homeless Americans make use of homeless shelters while the remaining 35% are found on the streets. Thanks to the implementation of programs such a Supportive Services for Veteran Families program and Veterans Affairs Supportive Housing, the number of homeless veterans has decreased significantly. Now there are approximately 37,878 homeless veterans. Still, the sheer number of those homeless in the USA is staggering.

24. Poor housing – Poor health 

(Source: Environmental Health Perspectives)

As Florence Nightingale wrote, “The connection between health and the dwelling of the population is one of the most important that exists.” The direct correlation between poor housing & poor health can no longer be ignored. Solutions include the removal of liquor stores, the opening of grocery stores, and communal improvements – such as the addition of jogging paths, mural art installations, and community gardens. 

Affordable Housing Statistics - homeless

Top 5 Reasons for Non-Home Owners to Own a House

  • Wealth building: As the value of your property increases, so does the opportunity for you to turn a profit when selling it. 
  • Customization: When you rent a home, you’re often limited in terms of the interior and structural changes. By owning your own home, you can do what you’d like. 
  • Tax benefits: All interest paid on the mortgage of your home is tax-deductible. That means your taxable income is reduced.  
  • Financial reprieve: Some mortgages are fixed-rate, which means that your payments won’t increase. 
  • Pride: Having a place to call your own is an immense source of pride.

Wrapping Up

We know that seeing all of those affordable housing statistics can be an eye-opening experience! 

After seeing the lack of affordable housing in numbers and understanding more about the housing crisis, one thing becomes evident -more needs to be done to solve these affordable housing issues

Can you of any solutions to the affordable housing problems? Leave us your thoughts in the comments section below! We’d love to hear from you!

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