New Report Shows Affordable Housing 'Becoming Extinct'

A new report by Freddie Mac concluded that the number of affordable apartments in the U.S. for very low-income families dropped by 60 percent from 2010 to 2016. The apartment vacancy rate has come down to 4 percent in 2017 from 8 percent in 2009.

The study defined "affordable" rent as costing less than 30 percent of household income, and "very low-income" households as making less than 50 percent of the area median income. In a statement to The Washington Post, David Brickman, executive vice president and head of Freddie Mac Multifamily, assessed, "we have... rent growth outstripping income growth in most major metro areas."

The report by the government-backed mortgage financier is the first to compare rent increases in specific units over time. It examined loans that the corporation had financed twice between 2010 and 2016, allowing a comparison of the exact same rental units and how their affordability changed.

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