The National Low Income Housing Coalition released The Gap: The Shortage of Affordable Homes on March 16. The annual report finds a national shortage of 7.3 million affordable and available rental homes for extremely low income renters, which are renters with incomes at or below either the federal poverty line, or 30% of their area median income (whichever is greater).
Key findings from the report:
- Only 33 affordable and available homes exist for every 100 renter households with extremely low incomes.
- 86% of all extremely low income renters experience housing cost-burdens and 73% are severely cost-burdened (spending more than half of household income for housing).
- 30% of the nation’s extremely low income renters are adults aged 62 and over.
- Between 2019 and 2021, the shortage of homes affordable to extremely low income renters increased by more than 500,000 rental homes, as the number of renters with extremely low incomes increased and the supply of housing affordable to them decreased.
The report also includes state data.