HOUSING - 2023
Analyzing the significant racial income and wealth gaps in the housing sector, this content delves into the challenges faced by different ethnic groups in achieving homeownership and financial stability. From income disparities to structural deficiencies in homes, the data presented sheds light on the ongoing inequalities and the need for equitable housing solutions.
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HOUSING - 2023 Florence Wagman Roisman William F. Harvey Professor of Law and Chancellor s Professor Indiana University Robert H. McKinney School of Law Indiana Health Law Review Symposium October 27, 2023
SONH STATE OF THE NATION S HOUSING 2023 PUBLISHED BY THE JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY
RACIAL INCOME DISPARITIES ENORMOUS RACIAL INCOME DISPARITIES PERSIST. MEDIAN INCOME FOR ASIAN HOUSEHOLDS $101,000 MEDIAN INCOME FOR WHITE HOUSEHOLDS $78,000 MEDIAN INCOME FOR HISPANIC HOUSEHOLDS $57,900 MEDIAN INCOME FOR BLACK HOUSEHOLDS 48,100 FOR 2021. SONH 2023 P. 23
RACIAL WEALTH DISPARITIES MEDIAN NET WEALTH FOR WHITE HOUSEHOLDS - $189,100 MEDIAN NET WEALTH FOR HISPANIC HOUSEHOLDS - $36,000 MEDIAN NET WEALTH FOR BLACK HOUSEHOLDS - $24,100 MEDIAN NET WEALTH FOR ALL OTHER HOUSEHOLDS, INCLUDING ASIAN HOUSEHOLDS - $74,500 SONH 2023, P. 23 (2019 STATISTICS)
THE RICH GET RICHER FROM 2010 TO 2017, THE MEDIAN WEALTH OF HOUSEHOLDS IN THE TOP INCOME QUARTILE GREW BY 27% (TO $627,000) WHILE THE MEDIAN WEALTH OF HOUSEHOLDS IN THE BOTTOM INCOME QUARTILE GREW JUST 10% (TO $10,700). SONH 2023, P. 24
MONEY FOR THINGS OTHER THAN HOUSING IN 2021, THE MEDIAN RENTER AND HOMEOWNER HOUSEHOLDS WITH INCOMES UNDER $30,000 HAD JUST $380 AND $680 PER MONTH, RESPECTIVELY, AFTER PAYING FOR HOUSING TO COVER OTHER NECESSITIES THE LOWEST RESIDUAL INCOMES IN TWO DECADES. SONH 2023, P. 6.
CONDITIONS 9.5 MILLION HOMES HAD SEVERE STRUCTURAL DEFICIENCIES OR LACKED BASIC FEATURES LIKE PLUMBING, ELECTRICITY, WATER, AND HEAT IN 2021. SONH 2023, P. 7
GAPING RACIAL HOMEOWNERSHIP DISPARITIES SONH 23, P. 25 . . . HOMEOWNERSHIP DISPARITIES BETWEEN WHITE HOUSEHOLDS AND THOSE OF COLOR ARE NEAR HISTORIC HIGHS. SONH 2023, P. 9.
RACIAL DISPARITIES IN HOME EQUITY IN 2019, MEDIAN HOME EQUITY HELD BY WHITE HOMEOWNERS WAS $130,000, NEARLY TWICE THAT HELD BY BLACK HOMEOWNERS ($66,800) AND MORE THAN A THIRD HIGHER THAN THAT HELD BY HISPANIC HOMEOWNERS ($95,000). SONH 2023, P. 28.
RENTER COST BURDENS HAVE RISEN TO THEIR HIGHEST RECORDED LEVEL SONH 2023 p.32 WE HAVE SEEN THE MOST SIGNIFICANT DROP IN HOUSING AFFORDABILITY IN YEARS. SONH 2023, P. 5 FROM 2019-2021, THE NUMBER OF COST-BURDENED RENTER HOUSEHOLDS WENT UP BY 12 MILLION TO A RECORD 21.6 MILLION HOUSEHOLDS. OF THESE, 11.6 MILLION ARE SEVERELY RENT BURDENED, I.E., ARE PAYING MORE THAN 50% OF HOUSEHOLD INCOME FOR RENT. 49% OF RENTER HOUSEHOLDS ARE COST-BURDENED. SONH 2023, P. 32, 5-6
LOW INCOME HOUSEHOLDS ARE MOST COST- BURDENED 85% OF HOUSEHOLDS WITH INCOMES BELOW $15,000 ARE COST- BURDENED. 76% OF THESE WERE SEVERELY COST-BURDENED. THESE ARE HOUSEHOLDS WITH INCOMES AT FULL TIME MINIMUM WAGE. OF HOUSEHOLDS WITH INCOMES BETWEEN $15,000 AND $29,999, 81% WERE COST-BURDENED. SONH 2023, P. 37
COST-BURDENS FOR HOUSEHOLDS OF COLOR COST BURDENS REMAIN PERSISTENTLY HIGH FOR HOUSEHOLDS OF COLOR, A PRODUCT OF LONG-STANDING DISCRIMINATION IN HOUSING AND LABOR MARKETS. RENTER HOUSEHOLDS COST BURDENED IN 2021: 43% OF ASIAN 45% OF WHITE 47% OF AMERICAN INDIAN AND ALASKA NATIVE 50% OF NATIVE HAWAIIAN, PACIFIC ISLANDER, & MULTIRACIAL 53% OF HISPANIC 57% OF BLACK SONH 2023, P. 36
COST-BURDENED HOMEOWNERS MORE THAN 19 MILLION HOMEOWNER HOUSEHOLDS ARE COST- BURDNED
TOTAL HOME COST BURDENED HOUSEHOLDS IN 2021 40.6 MILLION HOUSEHOLDS OF WHOM 20.3 MILLION WERE SEVERELY COST-BURDENED IN 2021, THE MEDIAN RENTER AND HOMEOWNER HOUSEHOLD WITH INCOMES UNDER $30,000 HAD RESIDUAL INCOMES OF $380 AND $680/ MONTH, RESPECTIVELY AFTER PAYING FOR HOUSING. SONH 2023, P. 6.
THE SUPPLY OF LOW-COST HOUSING HAS BEEN DECLINING $600/MONTH IS THE MAXIMUM AFFORDABLE TO HOUSEHOLDS WITH INCOMES OF $24,000 OR LESS ABOUT 30% OF ALL RENTER HOUSEHOLDS. THE MARKET HAS LOST 3.9 MILLION UNITS AT THAT RENTAL IN THE LAST DECADE, WITH THE LOSS ACCELERATING. BETWEEN 2019 AND 2021, THE NUMBER OF SUCH UNITS DECLINED IN INDIANA BY 41,000. SONH 2023, P. 36
LOSS OF UNITS TRENDS DRIVING THE REDUCTION IN LOW-RENT UNITS PERSIST, INCLUDING RENT INCREASES TO EXISTING UNITS, PROPERTY UPGRADES, AND LOSSES OF THIS TOCK DUE TO CNVERSIONS TO OWNER-OCCUPANCY, DETERIORATION, OR DEMOTION. SONH 2023, P. 36
