Housing News Roundup: May 11, 2015
Black Families Hit Harder During Housing Bubble Burst
New research published in the American Sociological Review details how black individuals and families were disproportionately affected by the housing crisis. While racial segregation in the United States has been declining overall for the past several decades, the crisis served to slow progress or even worsen the divide, as minorities who lost their homes were more likely to move to already distressed areas. White homeowners were able to leave areas hit by the crisis earlier. “My general worry is that the progress we’ve been making toward racial integration has been partly derailed,” said Cornell University’s Matthew Hall, who conducted the research with Kyle Crowder at the University of Washington and Amy Spring at Georgia State.
Source: Washington Post
A New Means to Promote Public Transit in Seattle
Residential parking in urban housing developments takes up scarce space and drives up the cost of surrounding units. Seattle is working to change that. After having already eliminated the requirement that builders include parking spaces in urban areas well-served by public transit, the city has proposed requiring developers to offer residents bus passes, bike share memberships, car share memberships or other similar programs, all as a way to maximize existing infrastructure while keeping down costs. “Transit and other mobility choices should be available and convenient throughout the city. Otherwise people are left without options, or they will choose driving despite higher monetary costs, due to time savings. This most dramatically impacts lower‐income households,” according to officials.
The Country’s Least-Affordable States, Ranked
With a 2013 median household income of $68,020 and a 2013 median housing value of $500,000, Hawaii has the least affordable housing in the country. The state is followed by the District of Columbia and California. Nationwide, 2013 median household income was $52,250 and the median housing value was $173,900. The Corporation for Enterprise Development created the rankings using data from the 2013 American Community Survey.
How Public Benefits Provide Long-Term Benefits for Low-Income Children
Skeptics who believe government assistance only leads to government dependence are incorrect, according to one recent study which found that government investments in housing produce positive long-term benefits for children and families. It found that traditional rental vouchers increase adult earnings by 15% and that experimental housing vouchers increase earning by 31%. An extensive body of research has looked at the long-term impacts of investments in education, income, health care and nutrition. One common lesson: long-term benefits exceed short-term outcomes.
Source: New York Times
Millennials, Renters, & Low-Income Americans Dissatisfied with Housing Choices
While many communities try to attract the large Millennial generation, a recent survey finds that 21 percent are dissatisfied with their housing options. Similarly, 22 percent of low-income Americans and 25 percent of renters were dissatisfied with their housing options. The ULI survey found certain common community priorities spanning income groups and demographics: green space, healthy food access, and the option of walking or transit in lieu of a car.
Source: Next City