Endnotes
1
Joint Center for Housing Studies of Harvard University, State of the Nation’s Housing 2014 (2014), p.
27. A housing unit is generally considered “affordable” if monthly housing costs do not exceed 30
percent of income.
2
See Daniel McCue, The Burden of High Housing
Costs, Cascade (No. 86, Winter 2015), Federal
Reserve Bank of Philadelphia.
13
Laurie Goodman and Rolf Pendall, Changing
Demographics: Implications for the Housing
Market, presentation to the J. Ronald Terwilliger Foundation for Housing America’s Families,
January 7, 2015, Table 4: Homeownership rates by
race/ethnicity.
14
Rohit Chopra, Consumer Financial Protection
Bureau, Student Debt Swells, Federal Loans Now
Top a Trillion (July 17, 2013).
15
The Project on Student Loan Debt, Institute for
College Access and Success, State by State Data,
available here: http://projectonstudentdebt.org/
state_by_state-data.php.
16
National Association of Realtors, NAR Annual
Survey Reveals Notable Decline in First-time Buyers
(November 3, 2014), available here: http://www.
realtor.org/news-releases/2014/11/nar-annualsurvey-reveals-notable-decline-in-first-time-buyers.
17
See Scott Stucky, Burden of Student Loans Stifles
the Housing Market, American Banker (March 24,
2014).
18
Carmen DeNavas-Walt and Bernadette D. Proctor,
U.S. Census Bureau, Current Population Reports,
P60-249, Income and Poverty in the United States:
2013, U.S. Government Printing Office, Washington, DC, 2014, 7.
19
Ibid. at 5.
20
Judgment based on information contained in
Income and Poverty in the United States: 2013,
Table A-2; see also R.A., Stagnation for Everyone,
The Economist (September 17, 2013), available
here: http://www.economist.com/blogs/freeexchange/2013/09/incomes.
21
Joint Center for Housing Studies of Harvard University, The State of the Nation’s Housing 2014 (2014),
3.
22
Ibid. at 15. A recent study by Fannie Mae shows
that the homeownership rate even for “prime”
first-time home-buying candidates (households
with a median age ranging from 30 to 32, collegeeducated, with incomes exceeding $95,000 in
2012 dollars, and consisting of married couples
with minor children) fell by 8.6 percentage points
between the housing market peak in 2006 and
2012. Fannie Mae, Upper-Income, Educated,
Married with Children, and Still Not Buying: Declining Homeownership among “Prime” First-Time
Home Buying Candidates, Fannie Mae Housing
Insights (August 18, 2014). In addition to student
loan debt and tighter underwriting standards,
the study suggests that lowered expectations
about future income gains, fear of future job loss,
and changing assessments of the future investment returns on homeownership have negatively
impacted the homeownership rate among these
“prime” first-time home-buying candidates.
3 Ibid.
4
5
6
See Housing Assistance Matters Initiative,
Mapping America’s Rental Housing Crisis, Urban
Institute (accessed on February 2, 2015), available
here: http://www.urban.org/housingaffordability. The U.S. Department of Housing and Urban
Development defines an “extremely low-income
household” as one making 30 percent or less of
the area median income.
In 2011, approximately 5 million out of a total of 27
million renter households with incomes below 80
percent of the area median income, the eligibility
threshold for new admissions to rental assistance
through the U.S. Department of Housing and
Urban Development, reported receiving such assistance.
See U.S. Census 'W&VR