Three-Decade Study Finds Young Households in a Bad Place

first_img Related Articles Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Diversity Harvard Joint Center for Housing Studies Home Prices Homebuyers Homeowners Homes Households HOUSING Housing Quality Land Millennials Rent Share Save June 20, 2018 1,549 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Three-Decade Study Finds Young Households in a Bad Place Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Radhika Ojha Subscribe  Print This Post Sign up for DS News Daily center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Three-Decade Study Finds Young Households in a Bad Place Servicers Navigate the Post-Pandemic World 2 days ago Previous: Appeals Court Addresses Foreclosures & Promissory Notes Next: How Real Estate Pros Are Embracing Mobile Devices Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago The American housing situation is better today than it was three decades ago, and yet more than 38 million U.S. households have housing cost burdens, leaving little income left to pay for food, healthcare, and other basic necessities.That’s the assessment of Harvard University’s Joint Center for Housing Studies (JCHS) in its annual State of the Nation’s Housing report. Since 1988, when the report debuted, about 40 million homes have been built to accommodate 27 million new households. Houses have become larger, better built, and generally safer to live in, structurally, JCHS reported.But fewer young adults, millennials, in this case, can afford homes today than 30 years ago. That, the report states, is despite the fact that high housing costs in the 1980s kept buyers away in droves.“With fewer young adults buying homes, demand for rental housing remained high—as did rents despite a boom in multifamily construction,” the report states. “Rapid losses of low-cost rentals forced millions more lower-income households to spend outsized shares of their incomes on housing.”In other words, 38 million households, in the U.S. in 2018, mainly renters, are considered burdened, meaning the residents spend more than 30 percent of their income on household expenses like rent.“Despite their growing numbers, only about one in four very low-income renters benefited from subsidies to close the gap between market rents and what they could afford to pay,” the report states. As it is, federal housing assistance reaches only a fraction of the large and growing number of low-income households in need.”The report goes on to say that between the shortage of subsidized housing and the ongoing losses of low-cost rentals through market forces, low-income households have increasingly few housing options. Meanwhile, the rising incidence and intensity of natural disasters pose new threats to the housing stocks of entire communities.“Soaring housing costs are largely to blame, with the national median rent rising 20 percent faster than overall inflation in 1990–2016 and the median home price 41 percent faster,” JCHS reported. And although better housing quality accounts for some of this increase, the report stated, “sharply higher” costs for building materials and labor, along with limited productivity gains in the homebuilding industry have made housing construction considerably more expensive. “Land prices have also skyrocketed as population growth in metro areas has intensified demand for well-located sites,” the report stated. Add to that the rise of new regulatory barriers that limit the supply of land available for homes and the growing complexity of planning and building housing communities, and the strain on the lowest earning young adults, JCHS wrote, is overwhelming.And it doesn’t look like it’s going to get much easier. As the expense and complexity of housing has increased, earnings have not necessarily kept pace. Gross domestic product per capita increased  52 percent in between 1988 and 2017, the report stated. And “if incomes had kept pace more broadly with the economy’s growth over the past 30 years, they would have easily matched the rise in housing costs.” This, JCHS concluded, underscores how income inequality “has helped to fuel today’s housing  affordability challenges.”The study garnered an immediate reaction from housing insiders. Danielle Hale, Chief Economist for realtor.com, said the racial gaps present in the housing system are a top priority to address.“If we can’t address racial and ethnic gaps in the homeownership rate, it may hold back the homeownership rate for the diverse millennial generation,” she said. “The gains made by Asian Americans and Hispanics are important because they make up 27 percent of the 18-34 population.”At the same time, Hale said the losses in homeownership rate among the African-Americans population “will have a bigger impact on overall numbers as their share of the population grows.” African-Americans currently make up 14 percent of 18- to 34-year-olds, and 10 percent of adults age 55 plus. Diversity Harvard Joint Center for Housing Studies Home Prices Homebuyers Homeowners Homes Households HOUSING Housing Quality Land Millennials Rent 2018-06-20 Radhika Ojha The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Read more on Three-Decade Study Finds Young Households in a Bad Place

Public invited to Kiwanis Prayer Breakfast in May

first_imgBatesville, In. — The Batesville Kiwanis Club will hold a Prayer Breakfast on Thursday, May 2 at Izzys at Hillcrest at 7 a.m. The event is along with Lions and Rotary club members and is open to the public.The featured speaker this year is Al Geis.Geis is the owner of Geis Eelectronics in downtown Batesville and is an accomplished Barber Shop Quartet singer.last_img

Read more on Public invited to Kiwanis Prayer Breakfast in May

Over 100 volley balls expected in Nigeria – Federation Ambassador

first_imgRelatedPosts Volleyball: Federation invites players for Olympic Qualifier World Beach Volleyball: Nigeria gets wild card to Qatar championships NVBF’s LMC fixes deadline for clubs’ registration The Nigeria Volleyball Federation’s Ambassador in Diaspora, Babatunde Omisore, says over 100 balls are expected to arrive the country as part of efforts to popularise the sport in the country. Omisore in a statement in Lagos on Wednesday said that the exercise tagged, “Operation Keep the Volleyballs Flying in Nigeria” was to make the balls available to various states and club sides. He said the prices of the indoor and beach balls came at subsidised rates. He said: “The second phase of the `Operation Keep the Volleyballs Flying in Nigeria’ order has been shipped to Nigeria and the balls will be in the country latest on Saturday. “Owners should be receiving them latest next week, because the athletes’ representative of the Nigeria Volleyball Federation, Emmanuel Jatto, will get the balls first. “A ball is sold in the market at about N30,000 to N40,000. I went back to Mikasa to negotiate a deal for Nigeria volleyball clubs, schools, military, states in order to subsidise the amount. “Upon negotiation, the price of both MVA200 and VLS300 beach balls came to N16,000.’’ He said that the price of practice balls MVA300 is N14, 000. He said: “This MVA300 is a special order from Japan. It will be manufactured for us specifically to meet our outdoor/indoor use to be more durable. “We have completed the first phase. The balls have been ordered in bulk from Mikasa and have been delivered to clubs and owners.” He, however, commended the President of Nigeria Volleyball Federation, Musa Nimrod, for changing the face of volleyball within the space of two years pledging to support the federation in her activities.Tags: Babatunde OmisoreEmmanuel JattoNigeria Volleyball Federationlast_img
Read more on Over 100 volley balls expected in Nigeria – Federation Ambassador