The United States is facing a housing crisis and, according to some estimates, there simply aren’t enough homes in the US.
The most recent estimates from the Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, show the country is about 3.8 million housing units short of demand, which means that there aren’t enough homes to keep up with the number of new households that are forming,
Elevated mortgage rates, which have doubled since early last year, have constrained homebuyers’ purchasing power.
Instability in the banking sector, uncertainties about possible layoffs, and, growing recession risks, are also causing prospective homebuyers to hold back.
The homelessness crisis is particularly severe in the state of California. According to a new study by the University of California, over 171,000 people are homeless in the rich Western State.
California is home to 12% of the nation’s population, 30% of the nation’s homeless population, and, half the nation’s unsheltered population.
People really need the ability to pay their rent.
When we ask people what would have kept them from being homeless, actually relatively small amounts of money, over eight in 10 said had they received one time five to $10,000 to catch up on their rent, to pay first and last month’s mortgage, so that they could continue paying, you know, a new apartment, they would have never become homeless.
he study reveals the homeless population in California is aging; nearly half of those who were were over 50 and older. It also reveals that homelessness is more prevalent among California’s residents of color and minority groups.
Furthermore, nearly half of the homeless surveyed in the research reported an inability to work due to age, health, or, disability.
More than 1 million people experience homelessness in the US in a given year, and many more are at risk of losing their homes, however, the actual figures are widely believed to be considerably higher.
Florida, New York and Washington also had high rates of homelessness last year.
The United States is facing a housing crisis
