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The majority of extremely low income (ELI) households in Connecticut spent more than 50% of their income on housing costs in 2011(see below for a list of definitions regarding income categories). For every 100 ELI household in CT there are only 37 rental units that are both affordable and available according to a new report from the National Low Income Housing Coalition (NLIHC), which uses the 2011 American Community Survey to highlight the stark contrast between housing need, affordability and availability.
In 2011, 25% of renter households (10.1 million) were considered extremely low income. In total there were 40.6 million renter households in the United States in 2011, a one million increase from 2010. Keeping pace with this increase in renters, the supply of rental housing also increased, by about 700,000 units. Unfortunately, most of these new units (61%) were only affordable for households with incomes above 80% of the Area Median Income (AMI).
Nationally, there are only 30 affordable and available units for every 100 households with an income at or below 30% of AMI. Housing is considered affordable if 30% or less of household income goes towards rent and utilities. Almost half of ELI renters were unable to find housing affordable to them. In 2011 there were only 5.6 million rental units affordable for the 10.1 million ELI renters, leaving a 4.6 million shortage.
Very low income renters also saw a deficit in affordable housing, with only 86 affordable units for every 100 VLI renter household in 2011. However, for low income renter households, there was a surplus with 132 units for every 100 low income renters. While there are many rental units out there, the majority are not targeted at household that need it most, 43%, 19 million of rental units in the country are out of reach to households with incomes below 50% of AMI.
Below are all the statistics for Connecticut:
Affordable units per 100 households at or below threshold
LI – 138
Affordable and available units per 100 households at or below threshold
LI – 103
Within each income category with severe housing cost burden
LI – 6%
AREA MEDIAN INCOME (AMI) -The median family income in the metropolitan or nonmetropolitan area
EXTREMELY LOW INCOME (ELI) - Households with incomes at or below 30% AMI
VERY LOW INCOME (VLI) - Households with incomes between 30 and 50% AMI
LOW INCOME-Households with incomes between 50 and 80% AMI
NOT LOW INCOME-Households with incomes greater than 80% AMI
COST BURDEN-Spending more than 30% of income on housing costs
SEVERE COST BURDEN-Spending more than 50% of income on housing costs
Click here for the 2013 Housing Spotlight.
Click here to read up on findings from last years Housing Spotlight.