August 19, 2022

According to the National Association of Realtors’(NAR) housing affordability index, US housing affordability in June was the worst since 1989. Soaring home prices combined with rising mortgage rates are pushing more buyers out of the market. “Thankfully, the worst in affordability could already be over for this cycle,” said Lawrence Yun, NAR’s chief economist. “Mortgage rates have calmed down in recent weeks, and the consistent wage growth... is narrowing the gap with home-price growth.”

The DC Council’s plan to permanently pay for housing for people experiencing chronic homelessness has encountered several obstacles in the past year. Although the city gave out an unprecedented 2,400 permanent housing vouchers, just 555 people have been able to use them. “This is no longer a resource issue. We have the [money] to get thousands of people into housing. This is purely a bureaucratic administration issue,” said Jesse Rabinowitz, manager of the Way Home Campaign.

According to a Freddie Mac survey of 2,000 Americans conducted in June, nearly 60 percent of renters said their rent increased in the past 12 months, and almost one-third of those surveyed reported an increase of more than 10 percent. “The surge in rents... has created even greater housing uncertainty for the most vulnerable renters,” said Kevin Palmer, head of Freddie Mac Multifamily. “Our survey shows that the national housing affordability crisis is worsening, and that inflation is a key driver.”

A recent study found severe staffing shortages at nursing homes in what it called “disadvantaged” areas. Researchers used a measure of disadvantage in income, education, employment, and housing known as an area deprivation index to expand on existing research that focuses solely on poverty. They found staffing shortages negatively affect residents’ care and outcomes, and because of structural racism, these disparities disproportionately affect communities of color.