The National Low Income Housing Coalition (NLIHC) has just released its annual report, “The Gap: A Shortage of Affordable Homes,” revealing a dire situation regarding the availability of affordable rental housing in the United States.
Every year, the NLIHC’s report delves into the accessibility of affordable rental homes for extremely low-income families and individuals nationwide, as well as in each state and metropolitan area. This year’s findings paint a troubling picture: a staggering shortage of 7.3 million affordable and available rental homes confronts the nation’s lowest-income renters.
The report highlights that this shortage forces nearly three-quarters of renters with extremely low incomes into severe cost burdens, wherein they spend more than half of their income on rent. Shockingly, these severely cost-burdened renters make up almost 70% of all renters facing such financial strain across the U.S.
Diane Yentel, President and CEO of NLIHC, underscores the persistent housing instability faced by millions of the most vulnerable households, despite economic stability and rent trends. Yentel stresses that while effective solutions exist to combat housing insecurity and homelessness, the crucial missing element is political will. She calls on Congress to urgently enact robust legislation to ensure universal rental assistance, foster the construction and preservation of affordable homes, implement eviction prevention measures, and bolster renter protections.
The report’s data reveals that the shortage is widespread, affecting every state and the District of Columbia. Even states with fewer shortages still struggle significantly. For example, Nevada, Arizona, California, Alaska, Florida, and Texas—all among the hardest-hit states—have fewer than three affordable rental homes available for every 10 extremely low-income renters. Nevada, in particular, has fewer than two such homes available for every 10 renters. Even states with comparatively fewer shortages have fewer than six rental homes affordable and available for every 10 extremely low-income renters.
The report’s conclusion is stark: the private market fails to adequately serve renters with extremely low incomes, and current funding for housing assistance is grossly inadequate. It emphasizes the urgent need for sustained investments in deeply income-targeted programs like the national Housing Trust Fund, Housing Choice Vouchers, and public housing.
As the nation faces this systemic housing crisis, the NLIHC’s report serves as a wake-up call. It urges policymakers to prioritize affordable housing initiatives and take bold action to ensure housing stability for all Americans, especially those with the lowest incomes.
In light of these findings, it is imperative for Congress and stakeholders at all levels to respond proactively and decisively to address America’s housing crisis.
If you would like more information on our US rental properties please email invest@globalinvestmentsincorporated.com
