“The Gap: A Shortage of Affordable Homes 2020” report indicates a persistent and growing shortage of affordable homes nationwide to extremely low-income (ELI) renters – those making 30% or below of AMI. These households – working families, seniors on fixed incomes, those affected by disabilities, and others – are vulnerable to homelessness, poor health, and myriad other complications and difficulties.
Nationwide, there are only 36 affordable and available homes for every 100 households. In Nevada, the problem is worse: just 18 affordable and available homes for every 100 ELI renter households. Las Vegas tied as the metro area with the most severe housing shortage: just 14 affordable and available homes for every 100 ELI renter households.
The shortage of these homes creates significant rent burdens for these households, often forcing them to pay more than 50% of their incomes on rent. This leaves household members vulnerable to financial setbacks. A car repair, medical bill, or other unexpected expense can lead to significant cost burdens, financial hardship, and even homelessness.
ELI renter households, according to the study, are comprised of non-disabled, non-elderly individuals with and without children, seniors, those with disabilities, and those with disabilities and children. Thirty-seven percent participate in the labor force, often in low-wage jobs, and more than 20 hours per week.
While the issue of affordable housing continues to grow with Nevada’s population, there are several actionable, practical steps to both increase the supply of affordable housing – from land availability to public-private partnerships that help the complex financing of affordable housing developments – and ensure that our existing supply of affordable housing is preserved.
Nevada HAND is dedicated to providing quality affordable homes and developing solutions for affordability in Southern Nevada. It has 35 family, independent senior, and assisted living communities that serve more than 7,600 children, working adults, and seniors on fixed incomes.
For more information on the National Low Income Housing Coalition’s “Gap” report, click here.