About America’s Affordable Housing Crisis

There is a definite housing crisis in America. Almost 32,000 people are homeless in the state of Florida alone. About 35 percent of homes or housing units are occupied by renters. And in a national poll, about two-thirds of renters say they couldn’t afford to buy a home if they wanted to.

But what exactly is affordable housing? According to the federal government, affordable housing costs no more than 30 percent of the household’s income. Unfortunately, the vast majority of renters spend a much larger portion of their income on housing.

Some argue that the problem is a lack of affordable options. These proponents propose to build additional housing units that are potentially rent controlled. However, there is already a surplus of housing in this country. In fact, right now there are around a million vacant homes in Florida alone, and that is not an exaggeration. In the third quarter of 2016 there were over 1.2 million vacant homes in the state.

With the coronavirus pandemic, housing costs may very well come down. No one is really sure what will happen from here. Congress is debating bills that could put a stay on mortgages and rent for up to a year. If such measures are taken, the housing market could become more affordable than ever.

Now may be the perfect time to buy a home. As the market prices drop and units open up, people who could not have afforded a home in the past may now be able to swing the purchase.

If you are looking to buy housing while the market is low, it is still important not to cut corners. To get your necessary title insurance and other assistance, contact us today.