As the gap between increasing housing costs and stagnant incomes widens, the end result is that more people become homeless. The nation is currently facing one of the most severe affordable housing crises in history. Not surprisingly, those living in poverty are the most significantly affected.
In the 1970s, communities had plenty of affordable housing. That meant that when a family or individual experienced a crisis and lost housing, they could quickly find another place to live. But by the mid-1980s, the supply of low-cost housing had shrunk significantly. Since then, rents have continued to rise and lower-income people in particular have experienced slow or stagnant wage growth.
Today, 11 million extremely low-income households pay at least half of their income toward housing, putting them at risk of housing instability and homelessness. In many places across America, there is simply not enough available affordable housing. Without this housing stock, many homeless Americans are likely to continue to cycle in and out of homelessness. Source
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