Mar 15, 2024
NLIHC released on March 14 its annual report The Gap: A Shortage of Affordable Homes. This year’s report finds that the lowest-income renters in the U.S. face a shortage of 7.3 million affordable and available rental homes. As a result, nearly three-quarters of renters with extremely low incomes are severely cost-burdened, spending more than half their income on rent and accounting for nearly 70% of all severely cost-burdened renters in the U.S. The report calls for greater federal investments in the preservation and expansion of the affordable housing stock, more Housing Choice Vouchers to bridge the gap between renters’ incomes and rent, and emergency assistance for renters who experience unexpected short-term financial shocks.
Download The Gap
As the report shows, just 34 affordable and available homes exist for every 100 renter households with extremely low incomes. This shortage impacts every state and the District of Columbia, resulting in widespread housing cost burdens. The states with the most severe shortages – Nevada, Arizona, California, Alaska, Florida, and Texas – have fewer than three affordable rental homes available for every 10 extremely low-income renters, with Nevada having fewer than two. Even states with the least severe shortages still have significant shortfalls, having fewer than six rental homes affordable and available for every 10 extremely low-income renters.
The report explains that the private market cannot adequately serve renters with extremely low incomes and demonstrates that present funding for housing assistance is insufficient, creating a systemic national problem. Congress must make sustained investments in deeply income-targeted programs such as the national Housing Trust Fund, Housing Choice Vouchers, and public housing to address this significant gap in affordable rental housing.
Download the Gap report and access an interactive map at:https://nlihc.org/gap
