Reit Magazine - March/April 2021 - 27

REITS ARE
CONTRIBUTING
A RANGE OF
SOLUTIONS TO
THE AFFORDABLE
HOUSING CRISIS
BY FOCUSING ON
MEDIAN-PRICED
APARTMENTS,
MANUFACTURED
HOMES, OR
PARTNERING WITH
NONPROFITS.
BY MICHELE LERNER

Stagnant wage growth coupled with increased
housing costs and a shortage of affordable homes
for renters and buyers have created a housing crisis
in the U.S. The COVID-19 pandemic and global
recession have further widened the gap between
wages and housing costs, making the role that
REITs play in supplying affordable, middle-income
housing more important than ever.
In addition to supplying a vital social need,
REITs have also tapped a market niche that
provides consistent and solid returns for their
investors, even during the current period of economic uncertainty.
According to the State of the Nation's Housing
2020 Report by the Joint Center for Housing
Studies at Harvard University, approximately 37.1
million households, about 30% of all American
households, were considered " cost burdened " in
2019, which means they spent more than 30% of
their income on housing. Approximately 14% of
American households spend 50% or more of their
income on housing, the report states.
The problem is worse for extremely low-income renters whose household income is below
the poverty level, or 30% of area median income.
According to the National Low Income Housing
Coalition, the U.S. has a shortage of seven million
affordable rental homes for those households.

Nareit: Real estate working for you |

27



Reit Magazine - March/April 2021

Table of Contents for the Digital Edition of Reit Magazine - March/April 2021

Contents
Reit Magazine - March/April 2021 - Cover1
Reit Magazine - March/April 2021 - Contents
Reit Magazine - March/April 2021 - 1
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