Affordable Housing, Reports and Publications

America’s Economic Recovery is Not Uniform, Least of All in Housing

CFED
 

While the economy is said to be improving, low-income households are not experiencing the positive impacts that wealthier households are. Average annual pay has declined in 36 states and DC. Homeownership rates in America are at their lowest rates - 63.5% - in almost 20 years.

CFED recently released their 2015 Assets & Opportunity Scorecard - Excluded from the Financial Mainstream: How the Economic Recovery is Bypassing Millions of Americans. The scorecard looks at the country’s household financial security on a state by state basis based on five issue areas five issues areas: financial assets & income; businesses & jobs; housing & homeownership; healthcare; education.

Eight states cut support for first-time homebuyers; Connecticut was not one of them. Unfortunately the good news stops there. Connecticut scored an F for the housing & homeownership issue area. The foreclosure rate in CT is almost 4%, the housing cost burden for both homeowners and renters is higher than the national average, and the affordability of a home is 4x higher than the median income in the state. Of the policy priorities that the scorecard uses to assess the progress of a state, Connecticut has only adopted 7 of the 13 housing and homeownership policies.

Click here to read the full report.

 

 
 

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