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% 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 more information about affordable housing, please click through the links to the left.