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Affordablehousing

All articles tagged with #affordablehousing

real-estate1 year ago

Boomers Struggle to Downsize Despite Housing Wealth

Baby boomers, who have benefited from rising home prices, now face a shortage of accessible and affordable homes for retirement. Many are stuck in homes that are difficult to maintain or navigate as they age, compounded by high healthcare costs and restrictive land-use laws. The lack of suitable housing is particularly challenging for lower-income and minority boomers, with many spending over 30% of their income on housing, leading to increased homelessness among older adults. The situation is exacerbated by climate-related risks and rising insurance costs.

via Business Insider|
#affordablehousing#babyboomers#homeownership
economy2 years ago

"New Report: Nearly One-Third of Gen Zers Can't Afford Rent, Opt to Stay with Parents"

A new report by Intuit Credit Karma reveals that 31% of Gen Z in the U.S. are living with their parents due to the unaffordability of rent or home ownership. With the national rent-to-income ratio at 30%, many renters across generations are struggling, but the issue is more pronounced among millennials and Gen Z. High rent and housing costs are delaying home ownership, with the typical age of first-time homeowners rising to 36. The trend of young adults living with family has increased significantly over the past two decades, exacerbated by the pandemic and subsequent inflation.

via Fortune|
##affordablehousing#economy
real-estate-housing-market2 years ago

"Zillow Ranks Buffalo and Cincinnati Among 2024's Top U.S. Housing Hotspots"

Buffalo, New York, is projected to be the hottest major housing market in 2024, as reported by Zillow. Despite its cold climate, Buffalo's housing affordability and job growth are attracting young homebuyers, with a typical home valued at $248,445, well below the national average. The city's job creation rate outpaces new housing construction, suggesting potential price increases unless supply catches up. Buffalo's economic prospects are further bolstered by its designation as a federal "tech hub," promising significant federal investment in the region.

via New York Post |
##affordablehousing#buffalohousingmarket
real-estate-housing-market2 years ago

"Buffalo and Cincinnati Lead Zillow's 2024 Hottest U.S. Housing Markets"

Zillow's analysis predicts Buffalo, New York to be the hottest housing market in 2024, with a focus on affordability driving real estate in the Great Lakes, Midwest, and South regions. The ranking considers home value growth, job growth per new home permitted, and growth in owner-occupied households. Despite a shortage of homes for sale, there's optimism for market stability with signs of improvement such as falling mortgage rates and a slight increase in home sales. The top 10 cities include Buffalo, Cincinnati, Columbus, Indianapolis, Providence, Atlanta, Charlotte, Cleveland, Orlando, and Tampa, with Charlotte dropping from the top spot in the previous year to number seven.

via USA TODAY|
##affordablehousing#housingmarket
politicspolicy2 years ago

"New York Lawmakers Confront Housing Affordability and Political Tensions in 2024 Session"

New York's housing crisis remains a significant challenge as the state enters its 2024 legislative session. Despite Governor Kathy Hochul's previous efforts to address the issue, including plans to build more homes in the suburbs and revamp developer tax breaks, little progress was made in 2023. The state now faces additional pressures from an influx of migrants, high interest rates, and the expiration of the 421a tax break, which have exacerbated the housing shortage. Political divisions, particularly around tenant protections and suburban housing mandates, have hindered comprehensive housing reform. While some incremental steps have been taken, such as executive actions and smaller bills, a major housing deal in Albany remains uncertain as the state grapples with political complexities and upcoming elections.

via The New York Times|
##affordablehousing#governorkathyhochul
local-news-community2 years ago

"Lahaina's Rebirth: From Wildfire Tragedy to Cautious Tourism Revival"

The community of Lahaina in Maui is facing a dilemma as it recovers from devastating wildfires that killed at least 100 people and destroyed over 2,000 buildings. While tourism is essential for the local economy, its return is causing emotional strain for residents still grappling with the aftermath. The area has seen a decrease in tourism, and tensions are rising due to the lack of affordable housing for evacuees. Despite the challenges, hotels and businesses are reopening, and the community is calling for more support for locals beyond just business patronage.

via WKRC TV Cincinnati|
##affordablehousing#hawaiirecovery
local-news-community2 years ago

"From Paradise to Peril: The Lahaina Wildfire Tragedy and Its Aftermath"

Lahaina, a community in Maui, Hawaii, is facing a dilemma as it recovers from devastating wildfires that killed at least 100 people and destroyed over 2,000 buildings. While the local economy relies on tourism, residents like Katie Austin feel overwhelmed by the influx of tourists and the insensitivity to their ongoing trauma. The community is grappling with the need for tourist dollars and the emotional toll it takes on those still mourning and rebuilding. Hawaii's governor has encouraged tourism to the area, but the community is still struggling with housing evacuees and addressing long-term affordable housing solutions.

via WSET|
##affordablehousing#communitytrauma