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What is affordable housing?
Affordable housing is housing that a household can pay for, while still having money left over for other necessities like food, transportation, and health care. That means that what’s considered “affordable” depends on a household’s income. The federal government typically defines housing as affordable when it consumes no more than 30 percent of a household’s income.
Who needs affordable housing?
Everyone. From high-income earners, to hourly wage workers, to people experiencing homelessness, and everyone in between. The rent or home price that is affordable may vary from one household to the next, but the need for housing that is affordable is shared by everyone.
Why is it important?
A large and growing share of the population cannot afford its housing costs. Nationally, more than one in seven households are what economists call “severely cost burdened.” This means that they pay half or more of their income on housing.