If the several million people facing foreclosure over the next
few years actually lose their homes, where are they going to go?
The conventional wisdom is that they will go back into the rental
market and perhaps that is one reason for the jump in permits and housing
starts for residential buildings over five units reported by the Census
Bureau the last few months. However, a study recently released by the
National Low Income Housing Coalition is questioning the affordability
of rental housing, not just in high priced locations, but virtually
everywhere in the country.
According to the report, the 2008
national Housing Wage for a two bedroom rental unit is $17.32. A full-
time worker must make this much and work year round - 2080 hours
per year - to be able to afford the average FMR of $900 per month.
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