There is an affordability crisis in Harris County. HUD defines “affordable” as having housing costs that total less than 30% of a household’s income. In Harris County, almost 500,000 households with incomes below $75,000 are paying more than 30% of their incomes for their homes today. The cost burden of housing affects people across job types, income levels, and neighborhoods
There are several reasons for the affordability crisis, including:
Lack of availability of affordable homes for extremely low-income households
- Maintenance and housing quality challenges
- Spatial mismatch between need and available homes (i.e. number of bedrooms to occupancy comparison)
- Effects of the COVID-19 pandemic
The COVID-19 pandemic has caused housing instability for an increased number of families due to job loss and income reduction or loss. Additionally, costs of goods have risen and impacted the affordability of construction and repair. These factors, combined with a projected population growth of 200,000 households in the next ten years, create a growing demand for housing. To meet projected needs and support existing residents, it is estimated Harris County will need an additional 20,000 new homes per year, primarily for those households earning less than $35,000 per year.