Affordable Housing: What is it?
Did you know that the average American earning minimum-wage must work 85 hours per week to afford a market rate, 1-BR apartment (NLIHC, 2012). According to the U.S. Government, a home is affordable if it costs 30 percent or less of the total household income. This percentage breakdown allows for other living expenses to be met, such as food, transportation, and medical care. A person or family paying more than 30% of his/her total income on housing is considered cost burdened. It is estimated by HUD that 12 million renters and homeowners currently spend more than 50% of their income on housing.
For information about affordable housing, please click through the links to the left.