THERE WERE 46.2 MILLION PEOPLE IN POVERTY IN 2011, A 15 PERCENT POVERTY RATE FOR THE NATION.
The Great Recession has taken a toll on many households across the nation. Millions of working families, seniors, veterans, and the disabled have severe cost burdens and need affordable housing more than ever.
There were 46.2 million people in poverty in 2011, a 15 percent poverty rate for the nation. The real median household income in 2011 was $50,054, which is 8.1 percent lower than the 2007 median, the year before the recession started.
According to Harvard University’s Joint Center for Housing Studies’ “The State of the Nation’s Housing 2012” report, 42 million households, or 37 percent, pay more than 30 percent of their incomes for housing while 20. 2 million, or 18 percent, pay more than half of their incomes, causing severe cost burdens. Between 2001 and 2010, the number of these severely cost-burdened households increased by 6.4 million. Renters account for more than half of the severely cost-burdened households.
According to the National Low Income Housing Coalition’s “Out of Reach 2012” report, a household in 2012 must earn $37,960 in annual income to afford the national average two-bedroom fair market rent of $949 monthly. This is impossible in nearly every state.
To read more articles from LIHTC Yearbook 2012, click here.