Affordable Housing Crisis Research Paper

Vulnerable families were hit hard by the recent recession and housing crisis. Rates of homelessness and housing instability among families with children increased during this period, and thousands of families in the United States remain without safe, stable, affordable housing (Cortes, Dunton, Henry, Rolston, & Khadduri, 2012). Families without adequate housing face barriers to multiple aspects of wellbeing including physical and mental health, educational and employment opportunities, family stability, and social engagement. Homelessness has proven to be harmful to children above and beyond the general conditions of poverty, and children without adequate, safe, stable housing experience negative outcomes across multiple domains of health and wellbeing.

This paper will argue how Canada's housing market is at an all time high, we are known in Vancouver for having the most expensive housing market. This expensive market is not just a Vancouver problem, it is an issue growing through out the nation and is depriving the average citizen to be able to purchase a house in there life time. There is a major issue with the state of our market and how it effects out current citizens. Issues have been arising where the average wage in Vancouver is estimated at seventy seven thousand per family house hold, yet the average costing home as reached between five hundred thousand in the

The housing crisis of 2008 can trace its origins back to the stock market trends of the mid- to late 90 's. During a period of extended growth in the stock market, increased individual wealth among investors led to generalized increases in spending, including in the housing market. With more disposable income in the pockets of consumers, the demand for housing increased in the late 90 's. Due to the fact that homes are large projects and their construction takes a large amount of time, the supply of homes in the market is inelastic on the short term. Because of the fixed supply of homes, as per the law of supply, which

The housing crisis of the late 2000s rocked the economy and changed the landscape of the real estate business for years to come. Decades of people purchasing houses unfordable houses and properties with lenient loans policies led to a collective housing bubble. When the banking system faltered and the economy wilted, interest rates were raised, mortgages increased, and people lost their jobs amidst the chaos. This all culminated in tens of thousands of American losing their houses to foreclosures and short sales, as they could no longer afford the mortgage payments on their homes. The United States entered a recession and homeownership no longer appeared to be a feasible goal as many questioned whether the country could continue to support a middle-class. Former home owners became renters and in some cases homeless as the American Dream was delayed with no foreseeable return. While the future of the economy looked bleak, conditions gradually improved. American citizens regained their jobs, the United States government bailed out the banking industry, and regulations were put in place to deter such events as the mortgage crash from ever taking place again. The path to homeowner ship has been forever altered, as loans in general are now more difficult to acquire and can be accompanied by a substantial down payment.

Article 25 of the Universal Declaration of Human Rights asserts that housing is a fundamental component to a decent standard of living, yet few city governments--even in the most developed economies--have proven themselves capable of ensuring such a basic right to their constituents (United Nations, General Assembly). Ranked 49th among the 50 U.S. states for its number of housing units per capita, California has notoriously struggled with chronic shortages in its urban housing market. With 118,142 homeless people recorded in 2016, California holds almost 22% of the nation’s homeless population (Fact Sheet: Homelessness in California 1).

Statistically, one out of seven families live in severe physical deficient housing. In fact, the housing and stock market revealed in July of 2009 that the Great Recession further widened the gap and income disparity between the average, hard-working Americans and the top 1% of wealthy Americans. Edward N. Wolff suggests that the average American produced a massive 36.1% drop in overall marketable assets while the top 1% of wealthy Americans only lost 11.1%. This income gap disparity ensures that ever-increasing need for affordable housing as the economic crisis worsens.

On the 9th of December of 2014, I attended a San Jose City Council meeting in the council chambers in the San Jose City Hall. The topic of discussion was the issue of affordable housing in San Jose. There are nearly 5,000 homeless people in San Jose. There are thousands more on waiting lists for affordable housing, some using more than 50 percent of their daily income for rent, or in danger of losing their homes. Homelessness impacts our community, our environment, and our homeless neighbors. Addressing the issue of homelessness is a constant battle between respecting the rights and also meeting the needs of the homeless individuals. This was continuously brought up during the City Council meeting. The members were discussing the

Housing affordability has been one of the most persistent national concerns mainly because housing costs are the biggest expenses in the budgets of most households. A typical American household spends more than a third of its budget on housing while poor and near-poor households commonly devote about half of their incomes to housing (Consumer Expenditure Survey, 2011) .

Housing options are increasingly becoming a challenge in the United States of America. Competition is at an all-time high, as age and population forcibly create irremediable problems. The main challenge is being posed by baby boomers and millennials in the real estate market. For instance, many Americans depend on mortgages to finance their asset acquisitions. Income levels are plummeting, while the increase in mortgage rates and prices make it hard for many Americans to be able to afford various mortgage products that are being offered by financial institutions. Although housing options have arguably been growing at everlasting rate through construction, millennials might have an increasingly more difficult time relocating after college due

The topic selected addresses housing assistance to low income households by the federal government. The federal government provided assistance through the housing choice voucher (HCV) program, public housing, project-based rental assistance, grants and tax expenditures. Funds range from $18 billion dollars for housing vouchers to 7 billion dollars for tax expenditures for the low-income housing tax credit. The three main programs assists almost five million households or close to 10 million people. However, these programs and funds only are utilized by only one quarter of the population who are eligible to receive these services. Annual household income for the participants of these programs were less than $14,000 per year which places

The sounds of elation by all sides of the business are what everyone involved in the post housing market crash is saying these days. The age of the foreclosure and short sale (“when a house on the market is worth less than the seller still owes for it”) is slowly coming to an end as buyers and lenders are more aware of the changing factors in today’s real estate market (Momberger). The previous method that lenders used helped cause the housing crash and a higher level of home loan defaults. Before the housing crash many buyers entered their housing purchase having some debt and often would refinance to pay off debts and use the increasing value of the house they purchased to pay them off. The new ways of qualifying buyers and assessing a homes

Stable affordable housing helps children do better in school and they are less likely to experience disruption in their everyday life and in their education since they aren’t making unwanted moves. It also reduces stress, pollutants, and contagious ailment in adults and children, which can lead to progression in an individual’s mental and physical health. Affordable housing is especially important to families because it frees up funds within tight budgets people often set and allows money to be spent on health care and food, which are very important. Living in decent, affordable housing lessens the concerns that high housing costs that may lead to foreclosure and/or eviction, which reduces stress on parents and reduces the chances of parents obtaining physical and mental health

In 2007 the worst housing market crash in U.S. history took place. Foreclosures and housing-related bankruptcies surged significantly. This ultimately caused the financial crisis the next year which nearly caused the United Sates to go into another great depression. So how did this housing bubble occur and what happened that caused the bubble to collapse?

The current real estate crisis that America finds itself in is one of the greatest challenges America has ever faced. America’s troubles are further compounded by increasing unemployment of American citizens and environmental problems like global warming. Solving any one of these problems would be a Herculean task, yet they must each be addressed in order to protect American families from disaster. However, it is possible to find a solution to the problems of the real estate crisis that can also be used to improve the problems of the unemployment and environmental destruction. The first part of the solution involves the United States government purchasing the homes that have been foreclosed and using them to offer temporary housing to

My paper is about the recent situation and growth in the Hudson real estate market. I spoke with Kira Blair who works at Wells Fargo bank as a personal banker. Her impressions reflect what I’ve found in my literature research, which is firstly about the trend in real estate market. Kira said the trends of the rental market is that the need for lower rental for young people will continue to increase because younger people were unable to afford the mortgages when they enter the workforce for the first time. So without the funds to make a down payment or the credit to be approved for a mortgage, young people opted to rent and they may continue to rent in many years. Kira said that the demand for buying houses or apartments are not as much as