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New Report: Housing affordability down for workers

Source: Housing Matters Blog, Feb. 25, 2011. “A new report by the Center for Housing Policy (CHP) says housing affordability has significantly decreased for working owners and renters. The annual report, “Housing Landscape 2011,” looks at housing affordability trends for working households between 2008 and 2009 focusing on the effects of employment, income and housing costs. According to the report, nearly one in four working households had a severe housing cost burden in 2009, spending more than half of its income on housing costs. Nationwide, 10.5 million working households experienced a severe housing cost burden in 2009 — an increase of nearly 600,000 households from ’08. This increase occurred despite a drop of 1.1 million in the overall number of working households. “These findings will be surprising to many who have followed the nationwide decline in home prices,” said Jeffrey Lubell, CHP Executive Director. “Housing costs for existing homeowners have declined only slightly, while housing costs for working renters have actually gone up. Meanwhile, high unemployment and falling incomes have left low- and moderate-income families struggling to make ends meet.” CHP is the research affiliate of the National Housing Conference, a non-profit organization dedicated to helping ensure safe, decent and affordable housing since 1931…” More information: Link to Housing Matters Blog Posting: Housing affordability down for workers Click here to download the report: Housing landscapes 2011

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