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Wednesday, May 10, 2017
Federal Housing Assistance Goes to Homeowners, Even as Renters Become Increasingly Cost-Burdened
PBS reports that of the $200 billion per year the United States government spends on housing assistance, 70% goes to subsidizing homeowners. Since the 2007 recession, however, an increasing percentage of the population has become renters, with many unable to purchase a home. As of 2015, over 11 million households spent more than 50% of their income on rent, up from 8.9 million in 2007. Andrew Aurand, president of research for the National Low Income Housing Coalition, attributes this phenomenon largely to the decline in federal investment in public housing and housing assistance vouchers, which occurred at the same time as demand for rental housing surged. Read more.