Housing Landscape 2014 is out today and examines the housing affordability challenges of low- and
Most of the affordability improvements since the end of the Great Recession were among low- and moderate-income owners. The share of severely cost burdened low- and moderate-income owners fell from 21.2 percent in 2009 to 18.6 percent in 2012. Low- and moderate-income owners benefited from falling housing costs as many were able to modify or refinance their mortgages at lower interest rates or buy homes at low prices.
The affordability improvements for low- and moderate-income households were driven by increases in incomes that outpaced housing cost increases. Between 2009 and 2012, the incomes of low- and moderate-income renters rose 5.1 percent, as their housing costs rose 3.9 percent. The incomes of low- and moderate-income owners rose 2 percent at the same time their housing costs actually fell 5.1 percent.
The lowest income households face the greatest housing costs burdens; 8 in 10 extremely low-income
For many more detailed results, download the full report (PDF).