Magazine article Mortgage Banking

Affordable Rental Housing Still out of Reach for Many

Magazine article Mortgage Banking

Affordable Rental Housing Still out of Reach for Many

Article excerpt

ACCORDING TO OUT OF REACH, A REPORT released in September by the Washington, D.C.-based National Low Income Housing Coalition (NLIHC), the national housing wage -- the amount a full-time employee must earn to afford a median two-bedroom rental unit at fair market rent (FMR) while paying no more than 30 percent of income in rent--has increased from $11.08 per hour in 1999 to $15.21 per hour (or $31,637) in 2003.

NLIHC's report also found that the least-affordable metropolitan statistical areas (MSAs) are San Jose, California ($35.02 per hour); San Francisco ($34.13 per hour); Stamford-Norwalk, Connecticut ($28.71 per hour); Oakland, California ($27.31 per hour); and Boston ($27.29 per hour).

California dominates the list of least-affordable counties. The list includes Santa Clara ($35.02 per hour), San Mateo ($34.13 per hour), San Francisco ($34.13 per hour) and Marin ($34.13 per hour) counties in California and Nantucket County ($27.75 per hour) in Massachusetts.

"It is appalling that here in America, the richest country in the world, we have millions of people working full-time, plus seniors and people with disabilities, who cannot afford decent, modest rental housing," said Sheila Crowley, president, NLIHC. …

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