Builders Patch | HousingCount: North Carolina affordable housing data and latest news
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North Carolina
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Overview Counties Housing news
Summary
North Carolina state is facing challenges to housing affordability. For every 100 low-income renter households, there are 80 units available that are affordable to them. The median household income in the state is $39,414 whereas the median rent in the state $799. Currently, the state is short over 67,037 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.
34.1%
share of renter households
40.1%
share of low-income households
43.2%
share of rent-burdened households
Renter population data
Renters vs homeowners
Share of income spent on rent
Households
% share
Renter households
1,374,165
34.1%
Homeowner households
2,660,519
65.9%
Total households
4,034,684
100.0%
Low-income renter households
Renter households by income group
Households
% share
Extremely low-income
≤30% AMI
182,939
13.3%
Very low-income
31-50% AMI
151,242
11.0%
Low-income
51-80% AMI
216,531
15.8%
All low-income households
<80% AMI
550,712
40.1%
Rent-burdened households
Share of income spent on rent
Households
% share
Moderately rent-burdened
309,269
22.5%
30.0–34.9%
113,951
8.3%
35.0–39.9%
84,041
6.1%
40.0-49.9%
111,277
8.1%
Severely rent-burdened
284,177
20.7%
≥50.0%
284,177
20.7%
All rent-burdened households
593,446
43.2%
Affordable housing shortage
Rent vs median household income
Median household income
Amount ($)
in 2010
27,643
in 2021
39,414
Increase (2010–2021)
42.6%
Median rent
Median rent
Amount ($)
in 2010
557
in 2021
799
Increase (2010–2021)
43.4%
Affordable housing stock
Supply, demand & shortage
Units
Supply (current stock)
267,144
Demand (total units needed)
334,181
Shortage
67,037
67,037
total shortage
79.9%
supply/demand ratio
Availability of affordable rental units per 100 household
89 189 115 51 050100150Moderate, middle &upper-income(>80% AMI)Low-income(51-80% AMI)Very low-income(31-50% AMI)Extremely low-income(≤30% AMI)
Finance institutions
North Carolina Housing Finance Agency
North Carolina Housing Finance Agency
3508 Bush Street
Raleigh, NC 27609-7509
LIST OF loan programs
Low-Income Housing Tax Credits
Tax-Exempt Bonds
Workforce Housing Loan Program
Rental Production Program Loans
QAP document (Qualified Allocation Plan)
QAP
North Carolina
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 (HFA’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
September 19, 2024
|
Fast Company
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, which dropped from a peak of 7.79% in late 2023 to around 6.2%. This could ease the burden for homebuyers and those refinancing.
- Home Sales: As rates decline, more homeowners might be encouraged to sell, which could help alleviate some of the housing market’s stagnation. However, a full recovery of the resale market is expected to be gradual.
- Ongoing Supply Issues: Despite lower rates, housing supply shortages will persist, especially in high-demand areas. Supply constraints, driven by zoning restrictions and labor/material shortages, remain a barrier to affordability.
While the Fed’s actions are a positive step toward stabilizing the housing market, broader structural challenges—particularly the lack of new housing supply—will continue to affect the market
June 26, 2024
|
New York Post
Housing market won’t come ‘unstuck’ until 2026, economists predict — here’s why
Bank of America economists predict the US housing market won't recover until at least 2026, with home affordability improving only with a recession. They attribute the prolonged downturn to a surge in demand during the pandemic, followed by high inflation and mortgage rates. Home prices are expected to rise by 4.5% in 2024 and 5% in 2025, then stabilize in 2026. The "lock-in effect" of current homeowners unwilling to sell due to high mortgage rates will persist. However, improving credit conditions and less restrictive monetary policies may attract some buyers back to the market.
May 15, 2024
|
US News
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. This figure represents a significant 12% increase compared to 2020, as reported by the U.S. Department of Housing and Urban Development in their Annual Homelessness Assessment Report to Congress. Data for this report is gathered from point-in-time counts conducted every January by volunteers, local outreach teams, shelters, and service providers. Here are the top 10 states with the largest homesless population:
- 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)
June 11, 2024
|
NBC News
The homebuying affordability gap is widening across the country, creating 'an impossible market'
The worsening housing affordability crisis in the U.S. has broken several records, the recent being the national affordability gap nearing a 10-year high. Only 63% of counties are now affordable for median-income households, compared to 94% in 2019. The median home price exceeds what the average household can afford by nearly $70,000. The West, especially the San Francisco Bay Area, is facing significant gaps due to supply shortages and continues to top the list of one of the most unaffordable housing markets in the country. Even traditionally affordable areas like Henry County, Indiana, are seeing dramatic price increases, making homeownership increasingly unattainable for many. High interest rates, low construction, and rising prices are key factors.
You can see a full breakdown of affordable housing shortage by county on our Housing Count page
July 15, 2024
|
The Washington Post
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. Plumbers, delivery workers, pizzeria employees, casino supervisors and other working class Americans are becoming the new face of homelessness.
Rising costs and a lack of affordable housing options are forcing people to sleep in cars, motels or even public spaces. The situation is particularly difficult for those who don't qualify for government assistance due to their income but cannot afford rent on their own. Experts say increasing rental assistance and building more affordable housing are some ways to address this issue.
Shortage statistics for ELI & VLI renters
S&D ratio = Supply & Demand Ratio
List of counties
Rental population
ELI & VLI (<50% AMI)
Rent-burdened
Affordable housing
Name
Households
% share
Households
% share
Households
% share
Shortage of units
S&D ratio
Alamance County
22,183
33.5%
5,827
26.3%
9,753
44.0%
4,324
22.5%
Alexander County
2,510
18.6%
616
24.5%
744
29.6%
-523
242.1%
Alleghany County
982
20.6%
258
26.3%
321
32.7%
-711
541.7%
Anson County
2,645
31.6%
402
15.2%
1,023
38.7%
-237
187.0%
Ashe County
2,480
21.2%
690
27.8%
723
29.2%
389
52.3%
Avery County
1,307
20.5%
340
26.0%
491
37.6%
-1,362
873.1%
Beaufort County
5,207
28.0%
1,426
27.4%
2,219
42.6%
-5,022
666.5%
Bertie County
1,825
25.4%
437
23.9%
757
41.5%
272
46.5%
Bladen County
3,482
30.3%
1,191
34.2%
1,337
38.4%
660
27.8%
Brunswick County
10,054
17.4%
2,604
25.9%
4,231
42.1%
-1,755
259.4%
Buncombe County
37,236
36.0%
8,653
23.2%
18,130
48.7%
7,381
19.6%
Burke County
8,483
24.7%
1,918
22.6%
3,120
36.8%
1,600
26.6%
Cabarrus County
20,333
27.1%
4,812
23.7%
8,403
41.3%
2,624
47.1%
Caldwell County
8,211
25.8%
2,449
29.8%
2,848
34.7%
1,546
42.6%
Camden County
711
18.8%
96
13.5%
209
29.4%
-540
972.8%
Carteret County
8,234
27.4%
1,910
23.2%
3,546
43.1%
-74
179.5%
Caswell County
2,130
24.8%
566
26.6%
876
41.1%
139
90.9%
Catawba County
18,732
29.6%
4,631
24.7%
5,882
31.4%
2,655
52.3%
Chatham County
6,447
21.4%
1,459
22.6%
2,576
40.0%
131
148.9%
Cherokee County
2,249
18.2%
732
32.5%
981
43.6%
-2,744
739.6%
Chowan County
2,196
35.0%
711
32.4%
815
37.1%
-503
247.9%
Clay County
1,199
23.3%
377
31.4%
441
36.8%
-1,710
969.7%
Cleveland County
11,469
31.3%
3,063
26.7%
4,961
43.3%
1,528
69.2%
Columbus County
5,403
28.1%
1,504
27.8%
2,005
37.1%
1,253
10.8%
Craven County
14,065
34.8%
3,333
23.7%
5,757
40.9%
1,693
60.9%
Cumberland County
60,445
48.3%
14,829
24.5%
28,539
47.2%
13,179
8.9%
Currituck County
1,536
14.4%
465
30.3%
609
39.6%
-6,568
2765.3%
Dare County
3,611
22.8%
911
25.2%
1,727
47.8%
-1,680
430.7%
Davidson County
18,620
27.8%
4,703
25.3%
8,288
44.5%
3,237
21.5%
Davie County
2,886
17.7%
742
25.7%
1,119
38.8%
18
130.3%
Duplin County
6,053
30.5%
1,855
30.6%
2,342
38.7%
1,359
10.6%
Durham County
59,334
44.7%
14,144
23.8%
27,133
45.7%
6,849
63.0%
Edgecombe County
7,437
38.6%
2,110
28.4%
2,848
38.3%
1,034
82.8%
Forsyth County
57,090
37.9%
15,732
27.6%
25,118
44.0%
11,237
27.4%
Franklin County
6,161
24.2%
1,575
25.6%
2,461
39.9%
-5,468
865.6%
Gaston County
30,433
34.3%
7,947
26.1%
13,238
43.5%
6,908
6.4%
Gates County
821
19.8%
252
30.7%
170
20.7%
-136
255.5%
Graham County
613
19.5%
207
33.8%
196
32.0%
-2,768
2494.6%
Granville County
5,438
25.7%
1,362
25.0%
2,157
39.7%
602
86.2%
Greene County
2,130
31.4%
784
36.8%
866
40.7%
-1,357
481.8%
Guilford County
84,625
40.4%
20,375
24.1%
38,674
45.7%
14,348
37.7%
Halifax County
7,446
37.1%
1,666
22.4%
3,673
49.3%
732
75.7%
Harnett County
15,281
32.5%
3,992
26.1%
5,701
37.3%
-6,223
476.4%
Haywood County
6,757
25.6%
2,186
32.4%
3,108
46.0%
963
55.9%
Henderson County
12,347
25.4%
2,563
20.8%
5,138
41.6%
-3,131
393.2%
Hertford County
2,691
32.6%
726
27.0%
1,298
48.2%
605
11.6%
Hoke County
5,439
30.7%
1,644
30.2%
2,375
43.7%
1,175
25.0%
Hyde County
587
29.3%
124
21.1%
246
41.9%
-338
522.7%
Iredell County
19,920
28.2%
4,677
23.5%
7,498
37.6%
2,617
43.3%
Jackson County
6,210
36.7%
2,007
32.3%
2,629
42.3%
-5,738
701.0%
Johnston County
18,858
24.8%
5,789
30.7%
8,462
44.9%
2,371
79.7%
Jones County
998
26.4%
155
15.5%
437
43.8%
-630
693.1%
Lee County
8,282
34.8%
2,572
31.1%
3,159
38.1%
224
125.8%
Lenoir County
9,634
42.3%
2,950
30.6%
3,868
40.1%
1,190
63.9%
Lincoln County
7,723
22.8%
2,057
26.6%
3,048
39.5%
1,008
75.1%
Macon County
4,661
27.2%
1,469
31.5%
1,880
40.3%
867
21.4%
Madison County
2,060
24.9%
614
29.8%
720
35.0%
-891
382.9%
Martin County
3,065
33.1%
892
29.1%
1,226
40.0%
82
152.1%
McDowell County
4,813
26.4%
1,103
22.9%
1,279
26.6%
7
176.4%
Mecklenburg County
189,796
43.6%
53,630
28.3%
83,987
44.3%
30,992
29.4%
Mitchell County
1,386
21.5%
288
20.8%
418
30.2%
-18
185.9%
Montgomery County
2,406
26.4%
700
29.1%
703
29.2%
-398
251.9%
Moore County
9,344
23.0%
2,674
28.6%
3,559
38.1%
-3,017
294.2%
Nash County
13,313
35.5%
3,869
29.1%
5,543
41.6%
2,153
67.3%
New Hanover County
40,005
40.9%
12,675
31.7%
19,409
48.5%
7,604
29.3%
Northampton County
2,047
27.7%
689
33.7%
873
42.6%
209
74.7%
Onslow County
29,905
43.2%
7,549
25.2%
13,600
45.5%
5,330
16.4%
Orange County
19,912
36.3%
5,764
28.9%
9,687
48.6%
3,213
51.2%
Pamlico County
1,074
21.0%
294
27.4%
359
33.4%
-5,323
2447.8%
Pasquotank County
5,554
36.9%
1,496
26.9%
2,395
43.1%
824
54.6%
Pender County
4,437
19.6%
1,240
27.9%
1,938
43.7%
-117
152.5%
Perquimans County
1,421
24.8%
414
29.1%
592
41.7%
-1,136
503.9%
Person County
3,523
22.1%
1,120
31.8%
1,750
49.7%
-1,210
284.4%
Pitt County
34,747
48.8%
10,954
31.5%
16,235
46.7%
6,723
42.0%
Polk County
2,014
23.4%
439
21.8%
585
29.0%
-545
303.3%
Randolph County
15,114
27.1%
4,721
31.2%
6,410
42.4%
2,394
76.6%
Richmond County
5,598
34.4%
1,887
33.7%
2,374
42.4%
699
53.0%
Robeson County
14,591
34.5%
4,624
31.7%
5,652
38.7%
3,819
6.7%
Rockingham County
11,055
29.1%
2,892
26.2%
4,678
42.3%
1,954
31.9%
Rowan County
16,614
29.9%
4,754
28.6%
6,385
38.4%
3,274
22.8%
Rutherford County
7,280
28.1%
1,813
24.9%
3,122
42.9%
1,295
23.5%
Sampson County
5,429
25.5%
1,700
31.3%
1,952
36.0%
654
90.1%
Scotland County
4,960
40.6%
1,587
32.0%
1,906
38.4%
-2,118
327.0%
Stanly County
6,075
25.7%
1,925
31.7%
2,012
33.1%
1,352
26.0%
Stokes County
4,314
23.0%
1,328
30.8%
1,691
39.2%
-1,422
451.2%
Surry County
7,725
27.0%
2,039
26.4%
2,798
36.2%
583
109.3%
Swain County
1,307
23.7%
338
25.9%
398
30.5%
-3,859
1813.4%
Transylvania County
3,293
23.3%
983
29.9%
1,137
34.5%
-2,507
621.4%
Tyrrell County
398
28.1%
164
41.2%
144
36.2%
-2,065
2636.0%
Union County
13,679
17.4%
3,733
27.3%
4,931
36.0%
-2,425
211.9%
Vance County
6,495
40.4%
2,046
31.5%
2,774
42.7%
448
135.9%
Wake County
150,719
35.7%
42,853
28.4%
65,507
43.5%
29,226
12.3%
Warren County
2,213
28.6%
555
25.1%
837
37.8%
-254
215.3%
Washington County
1,686
34.1%
685
40.6%
923
54.7%
369
49.8%
Watauga County
7,835
37.7%
2,588
33.0%
4,444
56.7%
1,140
91.2%
Wayne County
17,614
37.7%
4,748
27.0%
7,520
42.7%
3,625
10.5%
Wilkes County
6,964
25.5%
2,111
30.3%
2,812
40.4%
947
46.3%
Wilson County
13,273
41.5%
4,192
31.6%
5,702
43.0%
3,229
6.5%
Yadkin County
3,498
23.6%
776
22.2%
1,732
49.5%
260
89.0%
Yancey County
1,774
23.3%
467
26.3%
593
33.4%
-625
427.5%
Housing news
September 19, 2024
|
Fast Company
How Fed Rate Cuts Impact the Housing Market
Key Takeaways:
June 26, 2024
|
New York Post
Housing market won’t come ‘unstuck’ until 2026, economists predict — here’s why
May 15, 2024
|
US News
States With the Largest Homeless Populations
June 11, 2024
|
NBC News
The homebuying affordability gap is widening across the country, creating 'an impossible market'
July 15, 2024
|
The Washington Post
Homelessness, already at a record high last year, appears to be worsening among workers
May 8, 2024
|
Housing Wire
Home prices grew in 93% of markets in Q1 2024: NAR
In the first quarter of 2024, home prices increased in 93% of U.S. metro areas, with significant growth observed in 30% of these markets. The national median price for single-family homes rose to $389,400, marking a 5% year-over-year increase. The South led in sales volume, while the Northeast saw the highest price appreciation. Despite high mortgage rates, market conditions improved slightly for buyers due to a marginal decline in required mortgage payments compared to the previous quarter.
July 31, 2024
|
NPR
Do you rent? You may be more vulnerable to climate-driven disasters
Climate disasters are wreaking havoc across the United States and are disproportionately impacting renters, who often lack the financial resources and insurance protection of homeowners.
Hurricane Ian survivors are facing a financial crisis long after the storm has passed. The once-affordable paradise of Matlacha, Florida, was shattered by the Category 5 hurricane, leaving residents grappling with staggering financial losses. As a renter, Venus James found herself particularly vulnerable, with no insurance coverage and soaring costs for everything from housing to basic necessities.
Rising rents, job losses, and the depletion of savings have pushed many survivors into a cycle of financial hardship. Experts call for increased government support, including eviction moratoriums and direct financial assistance, to help renters recover from disasters and prevent further economic devastation.
July 25, 2024
|
Affordable Housing Finance
Greystone expands affordable housing initiatives with initial LIHTC fund
Greystone, a prominent commercial real estate finance firm, is expanding its affordable housing portfolio with the launch of its first national multi-investor Low-Income Housing Tax Credit (LIHTC) fund. Led by industry veterans Greg Voyentzie, Sarah Laubinger, and Todd Jones, the fund aims to raise $100 million and is expected to close by early next year.
The new venture leverages Greystone's existing strength in affordable housing lending to offer a comprehensive suite of financing solutions for developers. The company plans to develop proprietary tools to streamline deal evaluation and management, enhancing investor returns and driving positive community impact.
(Image Source: AHF)
June 24, 2024
|
U.S. Department of Treasury - Press Release
Treasury Secretary Janet L. Yellen to Announce New Housing Efforts as Part of Biden Administration Push to Lower Housing Costs
The Treasury Department is allocating $100 million over three years to boost affordable housing development as part of the Biden administration's plan to combat rising living costs. Other efforts, announced this week by Treasury Secretary, Janet Yellen, include offering greater interest rate predictability to housing finance agencies, urging Federal Home Loan Banks to increase their housing program spending, and providing updated guidance for state and local governments on using recovery funds for housing. Yellen also called for expanding the Low-Income Housing Tax Credit and reducing legal barriers to housing development.
📢 Treasury Secretary, Janet Yellen - “ Eliminating needless legal barriers to housing development doesn’t just affect individuals and communities. Economists estimate that restrictive residential land use regulations."
April 14, 2024
|
The Daily Progress
Homebuyers’ quandary: to wait or not to wait for lower mortgage rates
Currently, the average rate for a 30-year mortgage stands at around 6.9%, a significant decrease from late October when it peaked at nearly 8%. Despite expectations of rates declining later in the year, some buyers are opting to act now due to fears of increased competition. The combination of high mortgage rates and soaring home prices has made affordability a major concern, with many households earning less than what's needed to afford a median-priced home. While economists anticipate mortgage rates easing, uncertainty remains.
March 28, 2024
|
Housing Wire
Bipartisan housing policy efforts are gaining traction, but challenges remain
There are ongoing bipartisan efforts at various levels of government to address housing supply and pricing challenges in the United States. The importance of local action in addressing these issues, particularly through measures such as accessory dwelling units (ADUs), changes in zoning rules, and reduction of lot sizes, is increasingly becoming evident. Despite political differences, lawmakers in some states are collaborating on bipartisan housing legislation. However, challenges such as NIMBYism hinder progress at the local level, prompting calls for state-level intervention to overcome resistance to housing reforms.
March 20, 2024
|
National Mortgage News
What makes mortgage professionals embrace, or balk at, AI use
According to a recent market study report by Arizent, where the company surveyed professionals across different financial segments such as banking, insurance, mortgage, technology etc, there is a range of different opinions about AI. Most respondents have concerns over job displacement and ethical considerations persist, especially regarding generative AI's accuracy and fairness. The general attitude among mortgage professionals is to be hyper cautious towards adopting generative AI, and they citied uncertainty and budget constraints as top considerations. Some of the main concerns of industry professionals regarding the adoption of AI includes loss of personalized customer interactions and job security. Despite apprehensions, there's acknowledgment of AI's potential to enhance efficiency and job performance, with expectations of AI handling a significant portion of tasks within the next five years. While efficiency gains are anticipated across various industries, banking professionals foresee AI primarily bolstering fraud protection.
March 12, 2024
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The New York Times
In hospitals, affordable housing gets the long-term investor it needs
There has been an emergence in partnerships between healthcare systems and affordable housing developers, such as the H3C project in New Orleans, aiming to integrate stable housing with better health outcomes. Supported by investments from entities like Aetna and Kaiser Permanente, these initiatives reflect a growing recognition among health organizations of the benefits of addressing housing insecurity. While healthcare systems are not acting as banks, they are bridging gaps in funding for affordable housing, leveraging resources to meet community needs and their own nonprofit requirements. Such collaborations extend beyond traditional housing projects to include specialized care facilities and initiatives targeting populations with the greatest needs. Additionally, healthcare systems are exploring innovative approaches, including utilizing their land assets and collecting data to inform future partnerships and interventions aimed at addressing health and housing disparities.
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March 16, 2024
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The Wall Street Journal
Why private developers are rejecting government money for affordable housing
In California, state and local governments have allocated substantial funds for affordable housing initiatives. Despite widespread acknowledgment of the need for affordable housing, publicly funded initiatives face challenges such as labor agreements and bureaucratic processes, which can inflate costs and slow down construction. Many private firms are moving away from a reliance on government funds, which according to them, drives up development cost owing to the red tape. Instead, these firms are exploring alternative financing models.
For example, SDS Capital Group is raising an impact fund from private investors, to build a 49-unit low-income housing project in South Los Angeles. While privately financed projects may still rely on government support for operation, recent regulatory changes have facilitated approvals and increased profitability for such developments. Concerns linger regarding the long-term maintenance and sustainability of privately funded housing projects, particularly regarding the welfare of residents and the availability of federal funding for rental assistance programs. Nevertheless, advocates see potential in private-equity models to drive down construction costs and inspire government reform in affordable housing initiatives.
February 17, 2024
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NPR
The hottest trend in U.S. cities? Changing zoning rules to allow more housing
The United States is grappling with a housing crisis characterized by a shortage of millions of units and soaring housing costs for renters and buyers alike. To address this, cities are revising zoning rules to allow for more housing development, focusing on measures such as permitting multifamily homes in diverse neighborhoods and streamlining construction processes.
Minneapolis is leading the way with its progressive zoning reforms, adding 12% to its housing stock in just a five-year period. The city has taken measures such as ending single-family zoning and promoting midsize apartment buildings with 20 or more units. In Houston, minimum lot sizes were reduced from 5,000 square feet to 1,400, allowing for more units to be constructed. Milwaukee, New York City and Columbus, Ohio, are other examples of cities undertaking reform of their codes.
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February 27, 2024
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Housing Wire
HUD, VA announce $14.5M for veterans seeking permanent housing
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) announced the allocation of over $14.5 million to public housing agencies (PHAs) nationwide to address veteran homelessness. An estimated distribution of more than 1,400 HUD-Veterans Affairs Supportive Housing (HUD-VASH) vouchers will be carried out nationwide. Some of the highest concentration of vouchers will go to Tucson, Arizona; Philadelphia; and Spokane, Washington. These vouchers combine rental assistance from HUD with support services, like case management and clinical services provided by VA. The vouchers have contributed to a 4% decrease in veteran homelessness since 2020 and has housed over 46,000 homeless veterans in 2023 alone.
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February 21, 2024
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Newsweek
Black Homeownership is Set to Soar
Homeownership among Black Americans has consistently trailed behind all others in the country, including by 28% compared to white homeowners. However, according to a new report by the National Association of Realtors (NAR), Black homeownership is expected rise in the future.
How? As more Millennials and Gen Z enter into the home buying market, there will be a rise in minority owners. This is because on average, this demographic is more racially and ethnically diverse.
Future predictions - 1.5 million Black households will turn the median homebuying age over the next 5 years. Female and millennial buyers have been driving growth in Black homeownership and will continue to do so. Besides Black households, 775,000 Asian households and 2.2 million Hispanic households will also turn the median homebuying age in the next 5 years.
Challenges remain - Barriers such as rental affordability, student debt, and mortgage denial rates persist, hindering Black Americans' ability to purchase homes and achieve equitable homeownership rates. Addressing these challenges will be crucial to fostering greater inclusivity in the housing market.
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January 30, 2024
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Housing Wire
How AI and a changing rental market will shape property management in 2024
In 2024, the rental market is poised for transformation with two key factors: the growing impact of artificial intelligence (AI) tools and heightened competition among the multifamily rental market. A survey by AppFolio indicates that nearly half of property management professionals either use AI or plan to adopt it. Property managers face the challenge of maintaining high occupancy rates amidst a competitive market, with delinquencies identified as a top threat. To thrive in this changing landscape, property managers are leveraging AI to enhance operational efficiency, streamline tasks, and improve employee satisfaction, while also focusing on understanding resident expectations and offering digital services to attract and retain modern renters. A strategic technology approach is crucial for success in 2024 and beyond.
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January 29, 2024
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Multifamily Dive
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 from the Center for Real Estate Technology and Innovation highlights a slowdown in momentum during 2023, attributed to factors such as inflation and geopolitical uncertainty. Venture capital investment in proptech witnessed a significant decline of 42% in 2023, amounting to $11.38 billion, compared to the previous year's total of $19.75 billion and the peak of $32 billion in 2021. Notably, the multifamily segment is being hailed as resilient, owing to continued robust activity in technologies targeting this space. What remains popular are technologies that help solve consumer problems, like reducing fraud.
(Photo by Luis Villasmil on Unsplash)
January 25, 2024
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NPR
Housing is now unaffordable for a record half of all U.S. renters, study finds
Rising rents and reduced working hours during the COVID-19 pandemic have left many U.S. renters struggling to make ends meet, with a record 50% paying over 30% of their income on rent and utilities, per Harvard University's report. The unaffordability trend saw the most significant jump among households earning $30,000 to $74,999 annually, with a third of full-time renters still being heavily cost-burdened. Even lower-income renters, already facing severe challenges, experienced a further increase to 83% being cost-burdened. The report attributes the homelessness surge to a severe housing shortage and rising rent costs, exacerbated by a lack of affordable housing options. Despite a cooling housing market, the cost of construction has hit record highs leading to the construction of predominantly high-end apartments. This is further contributing to a growing affordability gap, with median rents outpacing income growth since 2001. The situation has increased demand for federal housing subsidies, which remain underfunded and insufficient.
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December 23, 2023
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S&P Global
Distress in CRE loans on nonowner-occupied properties rises at US banks
In recent quarters, US bank loans backed by owner-occupied commercial real estate have outperformed those backed by nonowner-occupied properties. This shift began in 2020 when work-from-home policies impacted nonowner-occupied commercial real estate loans. The delinquency ratio for nonowner-occupied properties surpassed that of owner-occupied ones in 2022 and continued to rise in 2023. The trend suggests that loans on owner-occupied properties carry less risk, reflecting property owners' likelihood to stay current on loans. However, the performance varies based on bank size, with larger banks experiencing worse delinquency ratios for nonowner-occupied loans. Notably, some major lenders like Morgan Stanley and Citigroup focus heavily on nonowner-occupied properties.
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