Harvard Report Indicates Changing Renter Profile in United States, Highlights Impacts on Affordable Housing
In America’s Rental Housing 2020 – a report issued by the Joint Center for Housing Studies of Harvard University – data supports a major shift in the nation’s typical renter profile with high-income renters (households with incomes of $75,000 or more) accounting for over three-quarters of the growth in renters from 2010 to 2018. The report indicates that most of these renters have a desire to eventually own homes; yet they remain satisfied with their current housing situations while listing affordability as a major barrier to homeownership.
“With higher-income households accounting for much of the growth in demand since 2019, new supply has been concentrated at the upper end of the market,” the report states. “Meanwhile, rising demand, constricted supply and changes in the ownership and management of existing rental properties – particularly smaller apartment buildings – have helped to reduce the stock of low- and moderate-cost units.” See the Full Report
The Fairfax County Redevelopment and Housing Authority is among numerous public housing authorities that are working to address housing affordability through a multi-faceted strategic approach which includes increased investment (see the FY2021 Advertised Budget), creative land use policies to promote more affordable housing units, affordable housing preservation (No Net Loss), and development (a goal of producing a minimum of 5,000 new units within 15 years).
See the Communitywide Housing Strategic Plan for details on how we are advancing the vision of affordable housing for Fairfax County.