The Location of Affordable and Subsidized Rental Housing Across and Within the Largest Cities in the United States

Abstract

Low and moderate income (LMI) households are an important part of the population served by the housing and mortgage industries. Over the last two decades, house prices and rent appreciation have exceeded growth in earnings for many Americans creating economic obstacles both for renters and prospective first-time homebuyers. Moreover, these changes in purchasing power have varied substantially across metropolitan areas. Cities with recent employment and income growth in areas with significant housing supply constraints have seen the greatest challenges in this regard, especially in the rental market.

Keywords: Rental Subsidy, Affordability, Fair Market Rents, Regional Economics

JEL Classification: R11,R21,R28,R31,R38