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New York

Foreclosure crisis cripples lowest-income renters

The foreclosure crisis has been no short of dire for the country’s lowest-income renters, according to a report by the National Low Income Housing Coalition, cited by the Wall Street Journal.

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For every 100 extremely low-income families nationwide — families that earn less than 30 percent of the median income in their metropolitan area — there are only 30 affordable units available for rent, the report shows.

“What we’ve seen is a decline in the homeownership rate since 2008, and we’ve seen rent being pushed up,” pushing market-rate housing out of reach for an increasing number of people, said coalition CEO Sheila Crowley. “Where you have the biggest problems is where you have the biggest difference between rich and poor.” [WSJ]

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Foreclosures