Affordable Housing, Homelessness, Reports and Publications

Out of Reach 2014 Is Out, from the National Low Income Housing Coalition

National Low Income Housing Coalition
 

Connecticut continues to be plagued by some of the most expensive housing in the nation, according to the National Low Income Housing Coalition's 2014 "Out of Reach" report. The annually-released data show, unveiled this week, show a renter must earn a "housing wage" of $23.02/hour to afford a typical 2-bedroom apartment in the state. Earning less than that annualized $47,800 a year means the tenant will have to spend more than 30% of his income, the affordability standard, for his housing.

This year’s report shows little movement, though the numbers are slightly lower in Connecticut. (You can read a blog by Betsy Crum, Connecticut Housing Coalition’s executive director, on those numbers here.)

Of the 440,000 Connecticut households that rent their homes, half spend more than 30% and more than a fourth spend more than 50% of their incomes to stay housed. "Out of Reach" makes it quite clear that despite slow job and population growth, Connecticut's resulting modest demand still outstrips the short supply of multifamily housing. Connecticut's housing wage ranks 7th among states -- the same rank as 2013 -- but two of its metropolitan areas, Stamford and Norwalk, are among the 10 most expensive. In 2013, only the Stamford area was among the top 10. Connecticut's non-Metro areas were the 5th most expensive in the nation, the same rank as 2013. The full report, with breakdowns for Connecticut and the other states, can be found here.

Working a minimum wage job, a Connecticut employee would need to work 98 hours a week or more to afford a decent, two-bedroom apartment, according to the report.

As Sheila Crowley, President and CEO of the National Low Income Housing Coalition, wrote in this year’s report:

Despite its success as an affordable housing indicator and an advocacy tool, the tragedy of Out of Reach is that each year the housing affordability problems of the lowest income people in America grow worse. Documenting and publicizing a problem is necessary, but insufficient to solving it.

 

Wrote Crowley:

At NLIHC, we look forward to the day when Out of Reach can be retired and everyone in our country has an affordable and decent home.

 
 

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