GITNUX MARKETDATA REPORT 2024

The Most Surprising Affordable Housing Statistics in 2024

Statistic 1

"There is a shortage of more than 7 million affordable and available rental homes for extremely low-income renters in the United States."

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Statistic 2

"In 2021, 70% of the world's population lived in countries where house prices rose faster than incomes."

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Statistic 3

"Housing costs for low-income households have increased by nearly 13% over the past decade."

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Statistic 4

"The average U.S. renter household spends 31.9% of its income on rent."

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Statistic 5

"In 2020, nearly 568,000 individuals experienced homelessness on any given night in the United States."

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Statistic 6

"Research shows that a lack of affordable housing is linked to worse health outcomes, including higher rates of chronic illnesses."

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Statistic 7

"It is projected that global urbanization will require 2 billion new homes by 2030, underscoring the growing affordable housing crisis."

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Statistic 8

"The U.S. needs approximately 3.8 million additional housing units to meet current demand."

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Statistic 9

"The 2021 national housing wage for a modest one-bedroom rental unit is $20.40 per hour."

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Statistic 10

"Homeownership rates in the U.S. decreased to 65.4% in the second quarter of 2020, down from 69.2% in 2004."

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Statistic 11

"In 2020, nearly 37 million U.S. households were cost-burdened, spending over 30% of their income on housing."

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Statistic 12

"The median home price in the U.S. was 4.4 times the median family income in 2020."

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Statistic 13

"In 2019, only one in four eligible households received federal rental assistance due to funding limitations."

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Statistic 14

"The National Low Income Housing Coalition reports that a full-time worker must earn $24.90 per hour to afford a two-bedroom rental home at fair market rent."

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Statistic 15

"In 2020, 31% of U.S. homeowners had mortgage debt exceeding 30% of their income."

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Statistic 16

"Over 50% of the homeless population in the U.S. resides in California, New York, and Florida."

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Statistic 17

"The average wait time for housing choice vouchers (Section 8) is over two years."

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Statistic 18

"Over 40% of households in urban areas are cost-burdened, spending more than 30% of their income on housing."

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Statistic 19

"Nearly 10% of renters in the U.S. faced eviction during the COVID-19 pandemic."

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Statistic 20

"Affordable housing can reduce crime rates by up to 16% in high-poverty neighborhoods."

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