Essay on Affordable Housing Crisis - 1088 Words

Affordable housing in the United States describes sheltering units with well-adjusted housing costs for those living on an average, median income. The phrase usually implies to applied rental or purchaser housing within the financial means of lower-income ranges specific to the demographics of any given area. However, affordable housing does not include those living in social housing owned by government and non-profit organizations. More specifically, the targeted range for housing affordability sets below 30 percent of a households annual income, including all applicable taxes, utility costs and home owners insurance rates. If the mean income per household breaches the 30 percent mark, then the agreed status becomes labeled as†¦show more content†¦Statistically, one out of seven families live in severe physical deficient housing. In fact, the housing and stock market revealed in July of 2009 that the Great Recession further widened the gap and income disparity between the a verage, hard-working Americans and the top 1% of wealthy Americans. Edward N. Wolff suggests that the average American produced a massive 36.1% drop in overall marketable assets while the top 1% of wealthy Americans only lost 11.1%. This income gap disparity ensures that ever-increasing need for affordable housing as the economic crisis worsens. Habitat for Humanity: Affordable Housing Statistics University of California, Santa Cruz: Who Rules America? Wealth, Income, and Power The Levy Institute: Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze: an Update to 2007 Statistics University of Kent State: Broadening Ownership of Productive Assets Lane Community College: Income Inequality University of Pennsylvania State: Housing (Un)affordability in Philadelphia Federal Reserve Bank of St. Louis: An Alternative View of U.S. Income Inequality Multinational Monitor: Wealth and Income Inequality in the United States Between the Rich and the Rest The New YorkShow MoreRelatedHousing Crisis : A Case Study Of Affordable Housing Program2074 Words   |  9 PagesHousing Boom and Government Regulation in China - A Case Study of Affordable Housing Program in Changzhou The right to an adequate standard of living is recognized as a human right in international human rights instruments. To make sure every citizen has a decent place to live is one of the basic goals for every government. 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