Builders Patch | HousingCount: Nebraska affordable housing data and latest news
Nebraska
Summary
Nebraska state is facing challenges to housing affordability. For every 100 low-income renter households, there are 95 units available that are affordable to them. The median household income in the state is $41,441 whereas the median rent in the state is $746. Currently, the state is short over 2,937 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.
- 33.2% share of renter households
- 39.6% share of low-income households
- 39.0% share of rent-burdened households
Renter population data
| Households | % share |
|---|---|
| Renter households | 254,894 |
| Homeowner households | 511,993 |
| Total households | 766,887 |
Low-income renter households
| Households | % share |
|---|---|
| Extremely low-income ≤30% AMI | 31,202 |
| Very low-income 31-50% AMI | 27,407 |
| Low-income 51-80% AMI | 42,289 |
| All low-income households <80% AMI | 100,898 |
Rent-burdened households
| Households | % share |
|---|---|
| Moderately rent-burdened | 53,638 |
| 30.0–34.9% | 19,830 |
| 35.0–39.9% | 15,118 |
| 40.0-49.9% | 18,690 |
| Severely rent-burdened | 45,828 |
| All rent-burdened households | 99,466 |
Affordable housing shortage
Rent vs median household income
| Amount ($) | 2010 | 2021 | Increase (2010–2021) |
|---|---|---|---|
| Median household income | 28,662 | 41,441 | 44.6% |
| Median rent | 521 | 746 | 43.2% |
| Units | Supply (current stock) | Demand (total units needed) | Shortage |
|---|---|---|---|
| Total shortage | 2,937 | ||
| 95.0% supply/demand ratio |
Finance institutions
Nebraska Investment Finance Authority
Contact Information:
Nebraska Investment Finance Authority
1230 O Street, Suite 200
Lincoln, NE 68508-1423
List of loan programs:
QAP document (Qualified Allocation Plan)
The QAP is a document that states, and a few local agencies, must develop in order to distribute federal Low Income Housing Tax Credits (LIHTCs), which can be awarded only to a building that fits the QAP’s priorities and criteria. Each QAP must spell out a housing finance agency’s priorities and specify the criteria it will use to select projects competing for tax credits. The priorities must be appropriate to local conditions.
Housing news
How Fed Rate Cuts Impact the Housing Market
The Federal Reserve’s recent rate cuts will influence the housing market, but the effects won't be immediate. Although lower rates make borrowing more affordable, the ongoing housing shortage and existing conditions in the market remain tough obstacles.
Key Takeaways:
- Lower Mortgage Rates: Fed rate cuts have already reduced the average 30-year mortgage rate.
- Home Sales: As rates decline, more homeowners might be encouraged to sell, which could help alleviate some of the housing market’s stagnation.
- Ongoing Supply Issues: Despite lower rates, housing supply shortages will persist.
States With the Largest Homeless Populations
In 2023, the number of homeless individuals in the U.S. reached approximately 653,000, the highest since such records began in 2007. Here are the top 10 states with the largest homeless populations:
- California (181,399)
- New York (103,200)
- Florida (30,756)
- Washington (28,036)
- Texas (27,377)
- Oregon (20,142)
- Massachusetts (19,141)
- Colorado (14,439)
- Arizona (14,237)
- Pennsylvania (12,556)
The homebuying affordability gap is widening across the country
The worsening housing affordability crisis in the U.S. has broken several records. Only 63% of counties are now affordable for median-income households, compared to 94% in 2019.
Homelessness, already at a record high last year, appears to be worsening among workers
Homelessness is rising in the US, with a growing number of employed people now unable to afford housing due to high rents.
Funding for proptech plummets 42%
In 2021 and 2022, the commercial real estate sector experienced a surge in proptech adoption, leading to increased investment. However, a recent report highlights a slowdown in momentum during 2023.
Housing is now unaffordable for a record half of all U.S. renters
Rising rents and reduced working hours during the COVID-19 pandemic have led many U.S. renters struggling to afford housing, with a record 50% paying over 30% of their income on rent.