Housing & Homeownership
Are housing and homeownership contributing to the wealth creation of residents, or impeding it?
Even in today’s tough housing market, the home represents the single largest component of household wealth and is a fundamental asset for millions of Americans. For those who are not ready or able to buy a home, access to affordable, high-quality rental housing is essential. Many renters of limited means are forced to accept substandard or unsafe living conditions in order to find housing that they can afford. Whether owning or renting, having a safe, affordable place to live provides physical and financial security. Yet all too often, affordability is out of reach. More than 37% of homeowners and 45% of renters in the United States are “cost-burdened,” meaning they spend more than one-third of their income on housing costs.
