Why is affordable housing important?

In light of the United States' current (and completely problem-free) housing market, affordable housing is more important than ever.

Affordable housing (aka Fair Market Rate): housing for which rent or mortgage payments (plus utilities) does not exceed 30% of the family's income.

There is no county in the country where an individual can
work 40 hours per week at the minimum wage and afford even a
one-bedroom apartment at the local Fair Market Rate.¹

Problem: About 27 million people spend more than 30 percent of their monthly income on housing (with half of these people spending more than 50 percent).

Problem: People who work more than 52 hours a week on minimum wage would still end up spending more than 30 percent of their income on housing.

Noticeable gap between Renter's Wage and minimum wage (even when working 52 hours a week)

Renter's Wage: the wage required for a single individual to be able to afford the Fair Market Rate working 40 hours a week, 52 weeks a year (no vacation or sick days).

Want to help make a difference? See How can I help? for more information.

¹http://www.nlihc.org/oor/oor2008/introduction.pdf