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Provide a 7 pages analysis while answering the following question: Foreclosure Crises and the Effect on Affordable Housing. Prepare this assignment according to the guidelines found in the APA Style G
Provide a 7 pages analysis while answering the following question: Foreclosure Crises and the Effect on Affordable Housing. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. The affordable housing crisis is due to gap between housing costs at one hand and household income at the other. Minimum wage does not provide enough income to a household so as to rent a two-bedroom home at the fair market rate. The gap is widening even more today. The paper explores the impact of mortgage crisis and subsequent foreclosures on the availability of affordable housing. Housing Affordability is a National Issue Bravve et al. (2012) argue that almost all states in US are facing affordable housing crisis. In 2012, the average extremely low-income (ELI) household cannot afford to spend more than $505 on rent, as on average they will earn nearly $20,210. They further argue that nationally one-bedroom fair market rent (FMR) is $797 going up at $949 for two-bedroom dwelling – much beyond the capacity of ELI households to pay. The gap has grown in the wake of the worst recession that US is facing currently. The crisis has caused most profound impact in certain areas where unemployment rate is high. In the aftermath of subprime crisis, ELI renter faces tough time for an affordable housing in a rental market. The supply of low-cost rental units is fast shrinking as more housing units are converted to serve higher income households.
