More affordable housing needed
Regarding “More Texas renters are struggling to find affordable housing,” (news story, Feb. 2):
Texas’ strong job growth and business environment are great for our economy but there is a downside. A new study finds that households earning more than $75,000 per year accounted for more than three-quarters of growth in renters. Essentially, families who would otherwise purchase continue to rent because ownership remains out of reach.
The median price of a home in Texas is now $245,000 and rents continue to rise in response to growing demand. Insufficient supply drives up housing costs for everyone, limiting income flexibility and opportunity. Because of this, those at lower incomes are at serious risk of displacement.
The same study also shows a 30% increase in families who are cost-burdened (spending from 30% to more than 50% percent of income on housing). This trend foretells limits to our economic vitality and cannot be ignored.
More affordable housing for working families is needed to sustain Texas’s economic success.
— Roger Arriaga, Austin (Arriaga is executive director of the Texas Affiliation of Affordable Housing Providers)