Americans Who Can’t Afford Their Homes Up 146 Percent
NBC News, July 6, 2017
Over 38 million American households can’t afford their housing, an increase of 146 percent in the past 16 years, according to a recent Harvard housing report.
Under federal guidelines, households that spend more than 30 percent of their income on housing costs are considered «cost burdened» and will have difficulty affording basic necessities like food, clothing, transportation and medical care.
But the number of Americans struggling with their housing costs has risen from almost 16 million in 2001 to 38 million in 2015, according to the Census data crunched in the report. That’s more than double.
When people can’t safely afford to pay their mortgages and rent, it isn’t just a problem for those with a lower income or people who bit off more house than they can chew.
Housing unaffordability also drags down GDP, slowing down overall economic growth for everyone.
A big factor has been how wages haven’t kept pace with rising housing costs.
For lower income groups, it’s even worse than stagnation. It’s not keeping up with inflation.
Housing costs are being driven by a limited supply of move-in quality, entry-level housing, said Diane Swonk, CEO of DS Economics.
«In the wake of the financial crisis, so much capacity was taken offline,» Swonk told NBC News. «Much of the existing stock of housing is still underwater. Many of the entry level houses are in disrepair.»
Comment AL: The US ruling class has stolen more from other peoples and countries than any other in the world. In fact, more than all others combined.
Yet, with a population of around 325 million people (Wikipedia), nearly 100 million Americans “can’t afford their housing.” (“The average American household consisted of 2.53 people in 2016» — statista.com.). And these figures are undoubtedly understated.
Are these facts ever reported in the CIA-controlled Russian mass media? Silly question!
Здешние политиканы, «эксперты», подконтрольные ЦРУ СМ»И» нахваливают псевдодемократическую, якобы процветающую Америку.
Те, кто любит «наших американских (государственных) партнеров», «забывают» о грязных, злых уродах США. О таких, как коварный и крайне опасный мошенник, расист, лжец, неофашист и убийца Дональд Трамп. И о таких, как порочный Конгресс, кровавые милитаристы США, нацистские ФБР — ЦРУ, лживые американские СМ”И”…
Арнольд Локшин, политэмигрант из США