Housing cost burden by income

Yesterday I was reading the Metropolitan council housing policy plan. It tells me what I know already and that is that we do not have enough affordable housing. The demand will continue to grow as more people earn less money.

• People are paying too much for housing: At present, more than 282,000 low- and moderate-income households in the region are paying more than 30% of their household income on housing costs. Nearly 144,000 of those are paying more than half their income on housing.

• Needs are growing: Between 2020 and 2030, the region will add 37,400 low- and moderate-income households who will need additional affordable housing. For comparison, in the first three years of this decade, the region added just under 3,000 new affordable units, far under the need.

metro area housing costs
Housing costs in the metro area

There is a shortage of housing in general. The population has grown in the last decade and construction has not kept up with it. Some changes in zoning laws and deregulation may help ease the situation. Building more affordable housing in the suburbs might also help.

Also, see The number of people without housing continues to rise

 

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