According to a survey by the NHP Foundation, 75 percent of Americans are worried they could lose their homes, while 83 percent of respondents said that they were concerned about the rising costs of housing.
Some 30 percent of the respondents described themselves as “very concerned” that they or a close friend or relative could lose their housing, meaning that nearly one-third of Americans feels that a lack of affordable housing could represent a personal crisis. Another 27 percent described themselves as “concerned”—meaning more than half of respondents consider housing instability to be a looming danger.
Per the poll, about 40 percent of respondents say that they fear they could lose their homes due to job loss. This fear is not unfounded. Neil Gabler’s May cover story for The Atlantic cites Federal Reserve Board data that showed that almost half of U.S. households (47 percent) could not muster $400 in an emergency. A report by the Urban Institute shows that more than one-third of all American families (36 percent) have savings of less than $250. One-quarter of U.S. households have no savings at all…
The NHP Foundation finds that 80 percent of its respondents (1,000 Americans polled nationwide) say that they would welcome affordable housing in their communities. But affordable housing is rarely if ever posed to residents or voters as an up-or-down, yes-or-no question: “Would you like more affordable housing?” Sure, we all would. Except when it involves changes to the places where we live; then our neighbors flip out about it.
Perhaps builders will help with a shift toward constructing smaller homes. Or, as the quote above suggests, housing isn’t the primary issue: people anxiety about jobs which then affects housing.
Thinking longer term, I wonder what it would take to advance more drastic solutions to housing issues. Some possible turning points:
–The homeownership rate continues to drop. Some might say this limits the American Dream while builders could note that this limits their profits and industry (which is also connected to jobs).
-Housing prices rise to where a larger segment of the market is paying substantially more than 30% of their income for housing. Even then, how exactly would this group turn their grievances into collective action?
-Another economic downturn leads to higher employment and more housing issues. Higher foreclosure and eviction rates could cause issues.
-A political candidate makes housing a major issue. As this article notes, no one is really talking about this.
-Could there be a major building or financial scandal that leads to reform?
I’m not sure any of these would lead to anything but temporary measures. Or, perhaps housing in the United States will simply slowly change: wealthier residents will be able to afford newer housing in better locations, people with fewer resources will have fewer and fewer options, homeownership will become less desirable, and all of this will be more clear in a few decades.