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Increased.pdf

CLiME Report 2018.pdf
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📊 Size: 3.22 MB
📄 Pages: 72 pages
⬇️ Downloads: 84

Summary

Newark faces a longstanding crisis of housing affordability, with rising rents and falling wages. Key facts include: Newark is a city of renters with a small middle class and high poverty rates; housing costs are rising; and 20% of units are subsidized. Measures of the affordability gap include: rents rising 20% since 2000 while median household incomes fell 10%; over 20,000 households pay more than 50% of income towards rent; high asking rents emerging; a 16% vacancy rate; low home prices but high costs to own; and a 25% eviction rate. The causes of the affordability crisis include lack of public investment in affordable housing, costly housing development, loss of public housing units, and building regulations increasing costs.

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Description

Newark faces a longstanding crisis of housing affordability, with rising rents and falling wages.

Technical Information

  • File Format: PDF
  • File Size: 3.22 MB
  • Pages: 72
  • Language: EN
  • Total Downloads: 84
  • Last Updated: 1 week ago

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