Connecticut's young adults and seniors are the ones feeling the most pain from the state's housing market, according to a new report from the Partnership for Strong Communities.
That's because housing in the state is too expensive and affordable alternatives are too few.
“Essentially the housing we have is not the housing we need,” David Fink, policy director for the Partnership for Strong Communities, told CT News Junkie.Meanwhile, the report states, homelessness is on the rise and more and more state residents are paying a greater share of their income to stay in their homes.
"The housing shortage and lack of affordability can be seen in the increasing volume of service requests logged by United Way of Connecticut’s 2-1-1 assistance line," the report states. "The monthly housing–related requests grew to 3,478/month in the first eight months of 2013 from 3,423/month in 2012."
The report also references the economic downturn's impact on homeownership, specifically the increase in foreclosures. In fact,Connecticut's foreclosure numbers spiked in September — ironically, one month after the state real estate market experienced its best August since 2007.
Statistics at a Glance
- 2 out of 5 households spend more than 30% of their income on housing
- 240,000 households spend more than 50% of their income on housing
- 33% of Connecticut's households rent
- There's been a 10% increase in homelessness since 2010
- 2nd — Connecticut's wealth disparity ranking compared to other states
A PDF with highlights of the report has been embedded with this article.
Do you agree with the report's findings? What do you think needs to be done to address some of the issues it raises?