NHC Releases 2018 Paycheck to Paycheck Report and Database
The National Housing Conference (NHC) recently released its 2018 Paycheck to Paycheck report and database highlighting housing affordability challenges for workers in 81 occupations living in 259 metropolitan areas in the United States. The annual report focuses on the affordability challenges of workers in five vocational categories and provides average rent and homeownership costs for each profession in these metropolitan areas. The five vocational categories include carpenters; electricians; heating, ventilation, and air conditioning mechanics; maintenance workers; and plumbers.
The report finds that renting is a more financially viable option than homeownership for workers in these professions, but average salaries are not keeping pace with rent for households requiring more than two bedrooms. The report recommends a policy solution to resolve the shortage of affordable housing, including the Low Income Housing Tax Credit, the Community Development Block Grant and HOME Investment Partnerships programs, and FHA and USDA home loans.
The report also addresses how Opportunity Zones could be instrumental in developing affordable housing in low-income areas and how Opportunity Zones may be used with other federal programs.